Developers By The Dozen

[bingobongo]

is this really a surprise? i think not

well at least the real estate business isn't the only thing on "its knees" in phuket......

Developers by the dozen

Ms McDonnell, from Phuket Andaman Real Estate, said the world-wide financial problems, Thailand´s political troubles and the drop in tourist numbers had brought the local real estate industry to its knees.

http://www.property-report.com/property-ne...amp;date=200409

[JR Texas]

is this really a surprise? i think not

well at least the real estate business isn't the only thing on "its knees" in phuket......

Developers by the dozen

Ms McDonnell, from Phuket Andaman Real Estate, said the world-wide financial problems, Thailand´s political troubles and the drop in tourist numbers had brought the local real estate industry to its knees.

http://www.property-report.com/property-ne...amp;date=200409

That surprises me......I have said that Phuket would be the last place impacted by the downturn. If Phuket is going, the shit has really hit the fan!

Repeat after me: "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis."............NOT!

[farangfool]

is this really a surprise? i think not

well at least the real estate business isn't the only thing on "its knees" in phuket......

Developers by the dozen

Ms McDonnell, from Phuket Andaman Real Estate, said the world-wide financial problems, Thailand´s political troubles and the drop in tourist numbers had brought the local real estate industry to its knees.

http://www.property-report.com/property-ne...amp;date=200409

Ms McDonnell on her knees and trying to sell a condo. Surely an incentive. Those real estate people guys go the extra mile. Having said that, under such circumstances Raimon Land, im mean the CEO, would be selling his incentives in boyz's town?

Sorry, couldn't resist

[trogers]

is this really a surprise? i think not

well at least the real estate business isn't the only thing on "its knees" in phuket......

Developers by the dozen

Ms McDonnell, from Phuket Andaman Real Estate, said the world-wide financial problems, Thailand´s political troubles and the drop in tourist numbers had brought the local real estate industry to its knees.

http://www.property-report.com/property-ne...amp;date=200409

That surprises me......I have said that Phuket would be the last place impacted by the downturn. If Phuket is going, the shit has really hit the fan!

Repeat after me: "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis."............NOT!

You are so wrong. If you meant, the last resort location to be impacted...then you may be correct.

Problem with Phuket (and also Samui) is trying to sell freehold landed properties to foreigners, using legal services that attempt to get around the law that disallow foreign ownership of land.

The news have been spread far and wide since late 2007, by the first wave of foreign owners trying to resell their landed properties. The legal problems they faced is now well known. This is a problem that is turning around and kicking the developers' rears. You can fool all the people at early a time, and fool some people at a late time. But people have wised up and cannot be fooled now.

[midas]

Problem with Phuket (and also Samui) is trying to sell freehold landed properties to foreigners, using legal services that attempt to get around the law that disallow foreign ownership of land.

The news have been spread far and wide since late 2007, by the first wave of foreign owners trying to resell their landed properties. The legal problems they faced is now well known. This is a problem that is turning around and kicking the developers' rears. You can fool all the people at early a time, and fool some people at a late time. But people have wised up and cannot be fooled now.

The authorities must have known what has been going on so why have they turned a blind eye? Was it just to sit back and let

all these people buying land on these two islands ( that clearly they were prohibited from doing legally) to intentionally fall into this trap?

When you read this and combine it with the other thread in this section referring to the 49 % law for condominiums

being temporarily scraped and then reinstated it really makes you wonder what on earth makes it so compelling to

buy real estate in this country when there are so many better opportunities elsewhere? This was even before this

current ongoing political strife and the global downturn. I simply cannot see where the buyers and even the tenants

are going to come from?

Edited April 22, 2009 by midas

[pkrv]

is this really a surprise? i think not

well at least the real estate business isn't the only thing on "its knees" in phuket......

Developers by the dozen

Ms McDonnell, from Phuket Andaman Real Estate, said the world-wide financial problems, Thailand´s political troubles and the drop in tourist numbers had brought the local real estate industry to its knees.

http://www.property-report.com/property-ne...amp;date=200409

That surprises me......I have said that Phuket would be the last place impacted by the downturn. If Phuket is going, the shit has really hit the fan!

Repeat after me: "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis." "Thailand is insulated from the global crisis."............NOT!

You are so wrong. If you meant, the last resort location to be impacted...then you may be correct.

Problem with Phuket (and also Samui) is trying to sell freehold landed properties to foreigners, using legal services that attempt to get around the law that disallow foreign ownership of land.

The news have been spread far and wide since late 2007, by the first wave of foreign owners trying to resell their landed properties. The legal problems they faced is now well known. This is a problem that is turning around and kicking the developers' rears. You can fool all the people at early a time, and fool some people at a late time. But people have wised up and cannot be fooled now.

Correct - Confusion has been dismissed (well mostly) - Condominiums! (Farang Freehold Quota only)

[trogers]

Problem with Phuket (and also Samui) is trying to sell freehold landed properties to foreigners, using legal services that attempt to get around the law that disallow foreign ownership of land.

The news have been spread far and wide since late 2007, by the first wave of foreign owners trying to resell their landed properties. The legal problems they faced is now well known. This is a problem that is turning around and kicking the developers' rears. You can fool all the people at early a time, and fool some people at a late time. But people have wised up and cannot be fooled now.

The authorities must have known what has been going on so why have they turned a blind eye? Was it just to sit back and let

all these people buying land on these two islands ( that clearly they were prohibited from doing legally) to intentionally fall into this trap?

When you read this and combine it with the other thread in this section referring to the 49 % law for condominiums

being temporarily scraped and then reinstated it really makes you wonder what on earth makes it so compelling to

buy real estate in this country when there are so many better opportunities elsewhere? This was even before this

current ongoing political strife and the global downturn. I simply cannot see where the buyers and even the tenants

are going to come from?

Regional officials turned a blind eye because they get a cut and the government of that period was also trying to change the law regarding foreign ownership of land but was unsuccessful as seen by the Elite Card fiasco.

But a lack of enforcement does not mean foreigners can own land. Such an action is still breaking the law, just that the foreigners hope the blind eye is still there when they unload the property on to some other's lap and walk away with the profit. It was a gamble and many were caught due to a change in government.

If you like to take the same risk, try buying land in Cambodia:

http://www.angkorrealestate.com/index.php?...vice_for_buyers

Section 4 sums it all up in the Introduction. It states the Land Law. And then tells you how to attempt breaking this law and hope not to be caught.