Foreign Takeover? Thailand's Hotels Face Investment Surge

[snoop1130]

Picture courtesy of vvillasphuket

 

Thailand’s booming tourism industry is raising alarm bells among local insiders as foreign investors increasingly purchase hotels, villas, and luxury condos in hotspots like Phuket and Bangkok. The trend, highlighted by Thai Hotels Association (THA) President Thienprasit Chaiyapatranun, sees Russian property owners allegedly flouting regulations by renting properties on a daily basis.

 

In Bangkok, both local and international investors are buying entire floors of condominiums to profit from short-term rentals. Meanwhile, Chinese investors are dominating the luxury housing sector, offering services designed to make tourists feel at home.

 

The THA is urging the government to tighten control over foreign ownership and consider reducing visa durations to prevent potential economic disparities. Sisdivachr Cheewarattanaporn of the Thai Travel Agents Association supports these moves, also calling for enhanced security checks on tourists to uphold Thai laws.

 

 

Last year, Thai hoteliers raised alarms about foreign firms using Thai nominees, which they fear could harm the tourism industry’s reputation. The concern is growing ahead of the peak season, with about half of Thai hotels wary of illegal foreign investments, especially those linked to Chinese entrepreneurs, according to the October business sentiment index.

 

Thailand currently welcomes about 10,000 Chinese tourists daily and aims to reach 6.7 million by 2025. As the country navigates this boom, industry experts question if increased vigilance can successfully parry economic risks. Only time will tell, reported The Thaiger.

 

-- 2025-02-26

 

 

[bkk6060]

They are just figuring this out now.  555

Yes, they are buying entire floors or buildings.  And I bet,  no taxes are paid on any of the income they generate.

Maybe focus on these cancers rather then expats and their pensions.

[DonniePeverley]

As the visa schemes were relaxed, visitors were allowed to stay longer, it was open door for these scams to happen. 

 

Complete disgrace.