Selling A House In Pattaya

[Mobi]

Fours ago I built an extensive property in East Pattaya. No sooner was it built than all this nominee stuff emerged. There is absolutely no doubt in my mind that if I had known about all this in advance, I would never have built the house.

My feelings exactly

Mind you, I am not sure what I would have done instead???

I would have rented, and kept my investment out of Thailand. This would also have given me the option of changing location if I wasn't happy or became bored.

And If I ever got kicked out, I wouldn't be leaving my house behind me.

Having said all that, I am where I am and I am very happy.

[PattayaParent]

Fours ago I built an extensive property in East Pattaya. No sooner was it built than all this nominee stuff emerged. There is absolutely no doubt in my mind that if I had known about all this in advance, I would never have built the house.

I came here 13 years ago and the government of the time were issuing warnings in the Bangkok Post that these nominee companies are illegal.

[dsfbrit]

It may be at the end of the day it is all fairly easy, but the initial email replies I am receiving from Sunbelt at the moment, are not too encouraging when it comes to me owning the house once its been owned by the company and not separated from the land etc... (Sunbelt have been very helpful by the way - very professional and prompt advice).

does that mean it is not possible?

Naam, if only Sunbelt had said that - it would be simple. Of course life never seems that clear cut. Sunbelt said the following:

'.... If you have these issued solve then the next step would be transferring the property. To separate the ownership of the house and land is very difficult. As they (the Land Office) would first assume that you are trying to avoid tax as this would depreciate the land. As they recognize that the land and house has already been combined in the previous transfer.

But please be assure once the you impose a usufruct on the property it would include any structural building, furniture and even the trees that located within the fence of that designated property...'

I only started this correspondence with Sunbelt 2 weeks ago, so its very much in the early stages.

However just for once in my life I would like things to be 'simple'.

Why Why Why just for once - could I not receive an email that says 'hey David, thats no problem at all. Yes House in your your name, land in wifes name - eassssssyyyyyyy'.

Fat chance of that ever happening!!

Edited August 27, 2008 by dsfbrit

[Naam]

However just for once in my life I would like things to be 'simple'.

we could form a club Dsfbrit

[Mobi]

It may be at the end of the day it is all fairly easy, but the initial email replies I am receiving from Sunbelt at the moment, are not too encouraging when it comes to me owning the house once its been owned by the company and not separated from the land etc... (Sunbelt have been very helpful by the way - very professional and prompt advice).

does that mean it is not possible?

Naam, if only Sunbelt had said that - it would be simple. Of course life never seems that clear cut. Sunbelt said the following:

'.... If you have these issued solve then the next step would be transferring the property. To separate the ownership of the house and land is very difficult. As they (the Land Office) would first assume that you are trying to avoid tax as this would depreciate the land. As they recognize that the land and house has already been combined in the previous transfer.

But please be assure once the you impose a usufruct on the property it would include any structural building, furniture and even the trees that located within the fence of that designated property...'

I only started this correspondence with Sunbelt 2 weeks ago, so its very much in the early stages.

However just for once in my life I would like things to be 'simple'.

Why Why Why just for once - could I not receive an email that says 'hey David, thats no problem at all. Yes House in your your name, land in wifes name - eassssssyyyyyyy'.

Fat chance of that ever happening!!

We seem to having exactly the same thoughts and experiences.

I too was initially more concerned with the nominee shareholders than the FBA, but as the FBA problems hotted up, I decided it was time to act.

I too used Sunbelt, and I too was given the "go around" with regard to separating the house from the land. In the end it was all too hard and I just took out the usufruct on the whole thing, and didn't separate the house.

My company has long gone, the wife owns the property, and I have the right to stay there. That'll do me and I cease to worry about it.

I'll probably pop my glogs before she could divorce me anyway

[NotNew2You]

Desirable AND properly priced houses sell. Over the past couple years, 4 houses have all sold in my moobaan of around 22 houses (about 20% turnover). Currently, there are none for sale. The last one sold about 5 months ago and was on the market for around 2 months.

Of course, this is a Farside moobaan and not some overpriced farang ghetto on the "otherside."

[dsfbrit]

Fours ago I built an extensive property in East Pattaya. No sooner was it built than all this nominee stuff emerged. There is absolutely no doubt in my mind that if I had known about all this in advance, I would never have built the house.

I came here 13 years ago and the government of the time were issuing warnings in the Bangkok Post that these nominee companies are illegal.

I know this is way off topic and been 'done to death' in other threads over the last 2 years, but...

When I first came here just 7 years ago the local reputable Expats club had guest speakers explaining how to set up these companies. When I was setting up my company 5 years ago, I went to this same Expats club to get advice where to get a lawyer to do this.

Curiously this same Expats club, now condemns this kind of setup with about as much passion as it used to suggest its illegality was just a 'minor' issue. In fact one guest speaket they had back in 2004 actually told you how you should arrange your house so that it had an office area - just in case an inspector called. Just to 'play the game' as he put it. All a part of the Thai way of life, like a bit of tea money for speeding tickets or to get a drivinig licence without actually learning the Highway code over here etc...

I was told by 'knowledgeble' people there that they thought the next move in Thailand would be for farang to actually own land. This is way off topic I know, but still 'annoys' me that I was given so much bad advice. By the way I notice now that 30+30 year leases are being pushed in the much same way as the company setup was a few years ago. Another stack of cards waiting to crumble and not worth the paper its printed on!

Edit: By the way I just remembered, there was even an enormous sign as you drove into Pattaya that said 'Yes, Foreigners Now CAN own land' - wonder where that sign vanished to - I wonder will it be dusted off again one day when enough time has passed

Edited August 28, 2008 by dsfbrit

[dsfbrit]

It may be at the end of the day it is all fairly easy, but the initial email replies I am receiving from Sunbelt at the moment, are not too encouraging when it comes to me owning the house once its been owned by the company and not separated from the land etc... (Sunbelt have been very helpful by the way - very professional and prompt advice).

does that mean it is not possible?

Naam, if only Sunbelt had said that - it would be simple. Of course life never seems that clear cut. Sunbelt said the following:

'.... If you have these issued solve then the next step would be transferring the property. To separate the ownership of the house and land is very difficult. As they (the Land Office) would first assume that you are trying to avoid tax as this would depreciate the land. As they recognize that the land and house has already been combined in the previous transfer.

But please be assure once the you impose a usufruct on the property it would include any structural building, furniture and even the trees that located within the fence of that designated property...'

I only started this correspondence with Sunbelt 2 weeks ago, so its very much in the early stages.

However just for once in my life I would like things to be 'simple'.

Why Why Why just for once - could I not receive an email that says 'hey David, thats no problem at all. Yes House in your your name, land in wifes name - eassssssyyyyyyy'.

Fat chance of that ever happening!!

We seem to having exactly the same thoughts and experiences.

I too was initially more concerned with the nominee shareholders than the FBA, but as the FBA problems hotted up, I decided it was time to act.

I too used Sunbelt, and I too was given the "go around" with regard to separating the house from the land. In the end it was all too hard and I just took out the usufruct on the whole thing, and didn't separate the house.

My company has long gone, the wife owns the property, and I have the right to stay there. That'll do me and I cease to worry about it.

I'll probably pop my glogs before she could divorce me anyway

A similar path indeed. I too am very happy here and could never rent longterm. I appreciate the logic of your previous post, money in the UK earning interest and then use this interest money to rent. However, I would not feel a 'part' of the place. Its a personal thing I know, but I could not rent long term like that.

So I do not get to feel 'trapped' in Pattaya though, I decided that I would now consider this place as 'base camp' so keep it for good via a Usufruct. Then if we want to move somewhere else for a while because of boredom or whatever, we can, we can shut this place up and rent elsewhere for a while. Maybe even rent this place out for 6 months or whatever. I am not that keen on renting a home out though, the tenants can be really messy and not worth the hassle unless you really need the money.

I am now off to read my emails from Sunbelt - oh joy

Edited August 28, 2008 by dsfbrit

[dsfbrit]

Desirable AND properly priced houses sell. Over the past couple years, 4 houses have all sold in my moobaan of around 22 houses (about 20% turnover). Currently, there are none for sale. The last one sold about 5 months ago and was on the market for around 2 months.

Of course, this is a Farside moobaan and not some overpriced farang ghetto on the "otherside."

I think you are right, well priced and in the right location will always sell. Its a shame the OP did not come back with some feedback on the true reason for his lack of progress. Still its been an interesting thread anyway!

By the way, were these farang purchasers or Thai?? Do you know if they bought via a lease, company or whatever?

Mind you hardly the sort of thing you would know I guess - you can hardly just go up and ask them really can you

[thailand_tom]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

i have been saying this for months and months..the houses and property are not worth it..i can buy cheaper and better in the usa..looking at a shell in philidelphia pa, 2400sft..will cost me 40,000 to fix plus 20,000 ..60,000 total have done this before with other houses i bought..my stepson just closed yesterday on a house in vegas..swimming pool 4 bedrooms 3 baths..160,000..thailand as much as they want to be like the united states are far from it..i lived there 1 1/2 years ..a 1 1/2 ago and you can keep it..i could not believe a word that came out of anyones mouth..never seen so many drunk..lazy guys in my life all shooting their mouths off and having no idea what they were talking about. they can not even hold on to a constitution more then a few years..your crazy to trust anyone with your money..keep it in your own name and rent.rent .rent.

[Naam]

i have been saying this for months and months..the houses and property are not worth it..i can buy cheaper and better in the usa..looking at a shell in philidelphia pa, 2400sft..will cost me 40,000 to fix plus 20,000 ..60,000 total have done this before with other houses i bought..

in Kandahar, Afghanistan immobile property is even cheaper than in Phillie. but then... who wants to live in Kandahar or Philadelphia?

[NotNew2You]

Fours ago I built an extensive property in East Pattaya. No sooner was it built than all this nominee stuff emerged. There is absolutely no doubt in my mind that if I had known about all this in advance, I would never have built the house.

And nothing ever came of it...to live in Thailand, you need a strong constitution!

[beginner]

Fours ago I built an extensive property in East Pattaya. No sooner was it built than all this nominee stuff emerged. There is absolutely no doubt in my mind that if I had known about all this in advance, I would never have built the house.

And nothing ever came of it...to live in Thailand, you need a strong constitution!

Given all that is currently going on in Bangkok I think you could say that Thailand needs a strong constitution too.

Thailand Crisis came up with the item below yesterday. Is it just more white noise or is it real? Whatever the outcome it does seem that rental gives a certain peace of mind and flexibility and buying requires a certain frame of mind to get the benefits of owning your own castle.

Knock ! Knock ! Who is back ? The Foreign Business Act of course !

This famous Thai Saga (between the Benny Hill Show and Monthy Python) continues to excite the politicians. It’s a never ending story. Here is the latest episode.

The department will stringently investigate some 40,000 companies that have foreign shareholdings of from 40-49 per cent for possible violations of the FBA.

The department will randomly investigate them to make sure that no foreign investors have taken advantage of any loophole in the act to hold more than 49 per cent in firms on the protected list.

Asked about an investigation of whether 12 companies had breached the act as alleged in complaints to the ministry since 2006 , Kanissorn said some cases had been passed to the police for withholding evidence.

Twelve firms under investigation are UCOM, BoleroTak Wu Holdings, Telenor, Hutchison CAT Wireless Multimedia, Asia Aviation (Thai Air Asia), Thai Sky Airline, Cen Car

(Carrefour)

, EkChai Distribution System (

TescoLotus

), Siam City Cement,

DHL Logistics

(Thailand), event organiser Izumi Zenkosha (Thailand), and real estate agent Burapa Lumpini Land. (

Nation

)

The Junta started in 2006 an inane amendement process of the law (read my special dossier here) before to back off. Humiliated.

This story of the “40 000 companies to be investigated” is not new.

In september 2007, they’ve made a similar announcement.

“The Business Development Department is in the process of inspecting as many as 40,000 companies to see if they have used nominee structures to hold shares for foreign investors _ a practice prohibited by the Foreign Business Act. (

read my article

)

It came just after the decision from the government to withdraw the amendement… Face saving exercise I asked at that time.

So one year later they start again, even though it’s a new government. Who is going to believe them ?

[NotNew2You]

As I and others have pointed out in this thread and others is that the change in definitions regarding corporate law and nominee holding structures for Thai corporations never took place. Therefore, there is not even any basis to carry out any investigations. Yes, there was a lot of smoke and mirrors and huffing and puffing for domestic consumption (as in most countries) but in the end, Thai style, nothing was done.

Do feel sorry for those who did get scarred and either handed the house over to their Thai wives/gfs or re-allocated shares to give Thai friends or whoever majority shareholdings. Those of us who sat tight never had any problems

[desktop]

"VERY nice village on the outskirts"

I think that says it all. Very, very difficult to sell 'outskirts' property in down markets.

I live 500 meters to the beach. All houses have 100+ wah. All are 3-4 bedroom, 4 bath.

Wiiide streets and on the pattaya baht bus route.

The house across from me has been for sale since I moved in 3 years ago. They are asking

only 5M baht.

Forget about selling, and it will be difficult to rent also. Put a sign out front for rent, don't go thru an agency. Perhaps a neighbor has a friend that will rent.

Otherwise you seem like an intelligent person, so perhaps you have already taken these steps.

the houses or the land on which the houses are located?

The whole kit and caboodle. I'm letting the 'secret' out - Jomtien Beach Paradise

[obsession]

Some condos in Spain are selling at half the price they were bought for and Bulgaria and Romania down 30%+. And thats with all the benefits Romania is about to receive from the eu. And if a full EU member like Spain can bulldoze peoples properties, they can surely do it in Thailand where you dont have any rights and have bought with a "dodgy" company. imho

that's a load of bull. "Spain" did not bulldoze any properties. stupid ignorant people and greedy investors bulldozed their properties by not being able to pay the mortgages and developers overestimated demand. the same goes for the U.S., Ireland and several other countries. UK has just started.

http://www.guardian.co.uk/uk/2008/jan/11/spain.world

http://www.overseaspropertymall.com/buying...s-to-nightmare/

Heres the entire google page of them

http://www.google.com/search?hl=en&q=b...mp;aq=f&oq=

If an EU country can bulldoze EU citizens properties, then Im sure Thailand would have no qualms about "relieving" foreigners of their thai houses bought by means used to cicumvent the law.

[zorro1]

Some condos in Spain are selling at half the price they were bought for and Bulgaria and Romania down 30%+. And thats with all the benefits Romania is about to receive from the eu. And if a full EU member like Spain can bulldoze peoples properties, they can surely do it in Thailand where you dont have any rights and have bought with a "dodgy" company. imho

that's a load of bull. "Spain" did not bulldoze any properties. stupid ignorant people and greedy investors bulldozed their properties by not being able to pay the mortgages and developers overestimated demand. the same goes for the U.S., Ireland and several other countries. UK has just started.

http://www.guardian.co.uk/uk/2008/jan/11/spain.world

http://www.overseaspropertymall.com/buying...s-to-nightmare/

Heres the entire google page of them

http://www.google.com/search?hl=en&q=b...mp;aq=f&oq=

If an EU country can bulldoze EU citizens properties, then Im sure Thailand would have no qualms about "relieving" foreigners of their thai houses bought by means used to cicumvent the law.

At a wild guess there would be a billion homes worldwide, an You pick one??? to prove your very powerful point here. And you had to use the world wide web to find it and this 1 example is in Spain of all places and supposed to fill us all with fear? Why not just admit your not in the market for property due to lack of funds, certainly your post is very transparent. What is it with certain TV posters?

[NotNew2You]

Last week, my friend sold his detached 3BR house in Chockchai Village 4 (Pattaya). It was on the market for maybe a month or sold and sold through a broker. He upgraded to a nicer village (SP 5) and he said he got a "fair" price for his house. It was sold through on of the agencies in town.

This house was owner-occupied and not bought as a speculative investment.

[obsession]

Some condos in Spain are selling at half the price they were bought for and Bulgaria and Romania down 30%+. And thats with all the benefits Romania is about to receive from the eu. And if a full EU member like Spain can bulldoze peoples properties, they can surely do it in Thailand where you dont have any rights and have bought with a "dodgy" company. imho

that's a load of bull. "Spain" did not bulldoze any properties. stupid ignorant people and greedy investors bulldozed their properties by not being able to pay the mortgages and developers overestimated demand. the same goes for the U.S., Ireland and several other countries. UK has just started.

http://www.guardian.co.uk/uk/2008/jan/11/spain.world

http://www.overseaspropertymall.com/buying...s-to-nightmare/

Heres the entire google page of them

http://www.google.com/search?hl=en&q=b...mp;aq=f&oq=

If an EU country can bulldoze EU citizens properties, then Im sure Thailand would have no qualms about "relieving" foreigners of their thai houses bought by means used to cicumvent the law.

At a wild guess there would be a billion homes worldwide, an You pick one??? to prove your very powerful point here. And you had to use the world wide web to find it and this 1 example is in Spain of all places and supposed to fill us all with fear? Why not just admit your not in the market for property due to lack of funds, certainly your post is very transparent. What is it with certain TV posters?

I am not trying to fill anyone with fear, but would advise people who havent already bought a house, not to. Anyway, you have made an ass of yourself. I am a landlord with several uk properties owned outright and spend 3 or 4 months a year in los. Saying someone cant afford a thai property is laughable and shws you up as a fool. I pulled out of a deal to buy a condo in los when they introduced witholding 30% capital. They didnt exclude condos at first.

[zorro1]

"Saying someone cant afford a thai property is laughable and shws you up as a fool."

Yeah right, That's why in one of your previous threads you wanted to stay at the Miama Hotel or anywhere similar for under 20,000bht in central BKK

By your own words it's doubtful you could afford a descent property here

[Naam]

"Saying someone cant afford a thai property is laughable and shws you up as a fool."

Yeah right, That's why in one of your previous threads you wanted to stay at the Miama Hotel or anywhere similar for under 20,000bht in central BKK

By your own words it's doubtful you could afford a descent property here

haves and haves not... never the twain shall meet

[OlRedEyes]

This is why I find it amusing when people here say 'I bought my house for X Baht and now it's worth XXX Baht' to support the notion that the property market isn't going for a ball of s_hit.

It aint worth zip if there's no buyer.

I don't own property here, but if I did i'd certainly not try and sell it now, unless it's an emergency. Best to do now if you hold property (that you can afford) is to hang on till the market turns. It may be quite a while though.

[obsession]

"Saying someone cant afford a thai property is laughable and shws you up as a fool."

Yeah right, That's why in one of your previous threads you wanted to stay at the Miama Hotel or anywhere similar for under 20,000bht in central BKK

By your own words it's doubtful you could afford a descent property here

I pay 20k a month in Pattaya and would like a similar deal in Bkk.

What a saddo going back and searching someones posts Check my name on other forums and you will see that I own several properties outright in the uk. Anyone can afford property in los. Its dumb to say otherwise. You buy a cheap property in a third world country and misread other peoples concerns/dislikes about property ownership in los as "they cant afford it". I think property threads are most likely read by people who are considering buying. Not by people who arent thinking of buying.

[davylad]

Some condos in Spain are selling at half the price they were bought for and Bulgaria and Romania down 30%+. And thats with all the benefits Romania is about to receive from the eu. And if a full EU member like Spain can bulldoze peoples properties, they can surely do it in Thailand where you dont have any rights and have bought with a "dodgy" company. imho

that's a load of bull. "Spain" did not bulldoze any properties. stupid ignorant people and greedy investors bulldozed their properties by not being able to pay the mortgages and developers overestimated demand. the same goes for the U.S., Ireland and several other countries. UK has just started.

spain certainly has bulldozed people's properties,and they had planning permission for there houses as well.1000's of properties are still under threat of being bulldozed and no compensation either.

[davylad]

"VERY nice village on the outskirts"

I think that says it all. Very, very difficult to sell 'outskirts' property in down markets.

I live 500 meters to the beach. All houses have 100+ wah. All are 3-4 bedroom, 4 bath.

Wiiide streets and on the pattaya baht bus route.

The house across from me has been for sale since I moved in 3 years ago. They are asking

only 5M baht.

Forget about selling, and it will be difficult to rent also. Put a sign out front for rent, don't go thru an agency. Perhaps a neighbor has a friend that will rent.

Otherwise you seem like an intelligent person, so perhaps you have already taken these steps.

the houses or the land on which the houses are located?

The whole kit and caboodle. I'm letting the 'secret' out - Jomtien Beach Paradise

Hi,I can only find 2 houses for sale at Jomtien Beach Paradise and they have been on the market for years ,but are on for 7 million and 6 million,they are both very nice and spacious,where are the 2 properties you are talking about advertised?the ones I have seen are on eastcoast,I must say that this looks a very nice place but it is surrounded by undeveloped land,and there would appear to be room 4 a lot more houses on jbp itself?

[dsfbrit]

As I and others have pointed out in this thread and others is that the change in definitions regarding corporate law and nominee holding structures for Thai corporations never took place. Therefore, there is not even any basis to carry out any investigations. Yes, there was a lot of smoke and mirrors and huffing and puffing for domestic consumption (as in most countries) but in the end, Thai style, nothing was done.

Do feel sorry for those who did get scarred and either handed the house over to their Thai wives/gfs or re-allocated shares to give Thai friends or whoever majority shareholdings. Those of us who sat tight never had any problems

NotNew2You, I kind of agree with you. I have kept faith with the company route, but feel I am more in a 'holding pattern', than actually arrived at a permanent solution. I looked at a Usufruct recently as the taxes are low at the moment to do something other than the company thing. Thats on hold as well as I don't feel comfortable with it! I don't lose sleep over the company method, so I will wait and see.

Back on topic, any chance od some more details about the place your friend sold in CCV4. How much was it? Was there some deal or other because he was upgrading to a house in CCV5? Did he lease the new place?

[MJP]

I have a house in Central Park 4, Pattaya - it's a nice 3 bedroom detached house on a well maintained estate and has never been lived in.

It all ready to move in, with fitted kitched air-con etc and according to the agency that came to look at it - we have it at a reasonable price of 4.5 million.

So - why is it that in 9 months, there hasn't been a single viewing of this house ?

Is there no market for used houses in Pattaya now ? Is it just that I have a crap agency ? Are there any 'secrets' to selling a house in Pattaya ?

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

Sorry to hear that old chap.

My sister-in-law was a good EA in Jomtien. Has just given it up as NOTHING was selling or renting and she could not cover her basic living expenses. Moved back to the sticks with us before she moves to Blighty (of all places) with her bloke.

As long as the Baht shows any strength, residential sales are going to be few and far between. Add to that the global credit disaster and collapsing asset and commodity prices and I doubt the market will pick up for, perhaps four or five years?

[Misplaced]

I am planning to spend a little money to tart the place up a little from the outside but then again, if there's no market, it'll just be a waste.

Any thoughts ?

We successfully fliped a few houses in the past and 1 of our rules is to never put more into a house than necessary (pending neighborhood). It's better for you to drop your price than to spend the "unrecoverable" money to spruce-up your house and get nothing for it. You'll attract more buyers with the price than with upgrades. Of course this rules doesn't apply to house that needs work.

[Forkinhades]

As long as the Baht shows any strength, residential sales are going to be few and far between. Add to that the global credit disaster and collapsing asset and commodity prices and I doubt the market will pick up for, perhaps four or five years?

yes the baht is very strong against the pound, but the euro is ok, cant see many brits buying at present, may be different for the europeans, and especially the russians

Edited November 13, 2008 by Forkinhades

[capco1]

Think I have a bit more faith in the Thai people than you give them credit for. If they did as you suggest could happen, do you not think this would not cause a few problems? Both Internationally and within Thailand….. I’m pretty sure that even in the less well off/educated areas they still value the assistance foreigners have been to their communities. Within the business community they for sure value foreign investment etc… Remember using your scenario, 1,000’s of foreigners would be in jail; they would have lost their assets and businesses. Who would come to Thailand for holiday, retirement, business etc knowing what had taken place to all foreigners just for being a director within a Thai registered nominee company, holding property as an asset. Do you not think this would affect the Thai economy in an extreme way?

With the best will in the world I don’t think even you can say the Thais would want to be another Zimbabwe. For sure I don’t think this would be a “vote” winner for any Thai. Please explain why you think it would?

You may be correct however that's exactly what Mexico did a few years ago and many Americans lost their beach front homes to the government. Many of the homes were worth in excess of $500k. I think one important factor here is that not so long ago there was a huge boom in housing prices for several countries and many farangs cashed in and made a tidy profit. They had the extra money to purchase a home abroad, today that's not the case! Most people are upside down in their homes and no longer have the luxury of buying another home. My other concern would be, do I really feel comfortable investing $100k plus in a country that's having some serious issues. I think in this day and time renting is a much better option.