Trump chickens out again.

[Barack]

A short, front page article in the most current issue of Pattaya Today reports the new government is more serious about changing the Condo law and permitting 100% foreign ownership of Bangkok and Pattaya condos. This was done 8-10 years ago I recollect. What's different this time is it would apply to both new and old projects, The lease term would also go from 30 to 100 years. This would certainly be nice if it ever comes to past.

[robert10]

Another rumor planted by a desperate RE developer/agent looks more like it..... or maybe its a condo investor looking to sell

[TheWalkingMan]

If this happens, I wonder what it would do to the prices. Would the overall prices go down as potentially 30%+ more rooms come to market or would the prices increase as more are available so more will rush to buy.

TheWalkingMan

[FarangBuddha]

Why the necessity for the increased lease provision? If 100% foreign ownership is allowed, why the need for the 100 year lease...unless it's for areas outside Bangkok and Pattaya.

Also, how about a automatic non-immigrant visa with one-year extension (annual renewal) so the buyer can actually occupy and enjoy their new condo!

[robert10]

If this happens, I wonder what it would do to the prices. Would the overall prices go down as potentially 30%+ more rooms come to market or would the prices increase as more are available so more will rush to buy.

TheWalkingMan

Hard to say. In the short-term it may be negative as thais who bought at "Thai price" sells below "farang price" to lock in the profit, causing overall prices to fall. In the long term it may be positive as foreign buyers are willing to pay more than local buyers ("Oh its so cheap compared to back home!" mentality)

Don't see it happenning as its close to political suicide for the govt to do this because higher prices will price local buyers out of their dream home and they will vote out the govt first. As it is, property prices are already expensive relative to the average thai's annual income.

Edited August 4, 2011 by robert10

[NormanW]

Another rumor planted by a desperate RE developer/agent looks more like it..... or maybe its a condo investor looking to sell

Good post.

I agree.

[FarangBuddha]

Hard to say. In the short-term it may be negative as thais who bought at "Thai price" sells below "farang price" to lock in the profit, causing overall prices to fall. In the long term it may be positive as foreign buyers are willing to pay more than local buyers ("Oh its so cheap compared to back home!" mentality)

But for many Westerner's it isn't anymore when you take into account the fall in prices in many countries and the strength of the baht.

[PolPat]

If this happens, I wonder what it would do to the prices. Would the overall prices go down as potentially 30%+ more rooms come to market or would the prices increase as more are available so more will rush to buy.

TheWalkingMan

Short term the price of Thai owned units would go up as more potential buyers are available. Farang units go down as more units enter the Farang market. Long term would probably encourage more development as builders no longer have to worry about selling units to Thais further reducing prices.

[gk10002000]

Why the necessity for the increased lease provision? If 100% foreign ownership is allowed, why the need for the 100 year lease...unless it's for areas outside Bangkok and Pattaya.

Also, how about a automatic non-immigrant visa with one-year extension (annual renewal) so the buyer can actually occupy and enjoy their new condo!

Yeah. I like your train of thought. Some sort of easier or longer visa might be nice if one actually owned property there. I would love to buy a place, but the paperwork for retirement just bothers me. Everytime I look at the 90 day reporting and the forms and processes and the "different" ways one immigration office does it, all I see is a "system" that with a reasonably high probability to trip me up and get me out of the country with my property left behind.

But, being from the USA, at least Thailand does have a retirement visa, whereas the USA does not.

[Darrel]

......the paperwork for retirement just bothers me. Everytime I look at the 90 day reporting and the forms and processes and the "different" ways one immigration office does it, all I see is a "system" that with a reasonably high probability to trip me up and get me out of the country with my property left behind.

Actually the Thai retirement extension (not visa) is a bit of a doddle.

Deposit 800K in a Thai bank, fill in a form, supply a couple of photos and a load of photocopies. That's it. I was in and out of Jomtien immigration in about 15 minutes, and then under 5 minutes later in the day to collect my passport.

The 90 day reporting is easier still, and can even be done by post as far as I know.