Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[bunpan]

Hello!

I'm currently in Phuket, where the property market is a bit overheated due to oversupply of condos and houses.

I have a friend back in the UK who is interested in buying property in Thailand - does anybody know from experience what the property market is like in Pattaya at the moment?

He doesn't have unlimited funds - he would be looking for something at the cheap end of the market, maybe 1 million to 3 million baht. Is there anything out there at those kind of prices? I'm sure he will do some serious research into the market before committing himself to buying a condo, just wondering what your views are.

Do people think that the value of a condo is likely to rise in Pattaya?

Thanks for you help!

[PattayaPhom]

Your question will open up the largest can of worms you can imagine...you have the doomsdayers that will advise that it is a buyers market and nothing is selling...well if its a buyers market, why dont they buy!!!...1-3mil will get a reasonable sized condo in a good location..look at new developments with payment plans over 2 years..if he wants something already built, just google agents in pattaya and look at their websites. Try the classifieds on here....Pattaya market is strong with many developments sold out befor completion and realistically priced condos are snapped up in a few days...

[Online]

Many second hand studio condo's available, I sold my old studio condo on Jomtien beach for 1.2m have a look at this

[zorro1]

let me be the first to say this before the millionaire renters do

DONT BUY WHAT YOU CANT AFFORD TO LOSE even though i dont know how property is lost.

There is a definite benefit in buying a home to live in a place like pattaya but have a long term plan in place and dont buy to 'flip" as this is the area that does the damage with buyers regularly losing their deposits.

I would never buy in Pattaya with a view to rent it to tourists if living here part time due to an overwhelming supply of ridicoulasly cheep hotel/guest houses.

[bunpan]

Thanks for the advice so far, personally I wouldn't buy anywhere in Thailand (not much money, laws not very helpful for would-be farang buyers). My friend is looking to stay and settle down, I don't think he wants to rent the place out but I would have to double-check with him. Personally I'm a big fan of renting - much easier to up sticks and leave if things aren't going well! I liked the 1.2 million place, perhaps a good investment compared to owning property in the UK. Plus there aren't any flats in the UK that are that cheap

[Thaifan2]

Many second hand studio condo's available, I sold my old studio condo on Jomtien beach for 1.2m have a look at this

You were very lucky to get 1.2 M for that .I Sold a Condo also in JBC with Western kitchen ,which yours does not have for B650,000 early this year .Mine was in building A3 though facing A2 so it did not have a view .

[rgs2001uk]

I will not get into the pros and cons of buying property, however the one thing than stands out like a sore thumb is this,

"He doesn't have unlimited funds"

I dont know his personal circumstances, age, what type of visa does he intend to stay here on?

What will he do for living expenses, where is his income coming from?

Lets assume he is over 50 and qualifies for a ret visa, can he put 800k in a Thai bank account?

Can he prove an income of 65k per month in order to renew his visa?

Is he reliant on current exchange rates, what happens if the pound drops to say 40 baht?

If none of the above apply, then he should certainly entertain the idea.

[Thaifan2]

To the OP ,your friend could get a double unit at Park Lane for just under 3M .He would get 72 sqm ,with 2 bedrooms and Western kitchen .PL is a new build ,about 18 months old with a huge pool and nicely landscaped .Its on Soi Wat Boon ,Jomtien .I sold a single unit there this year for B1.37 M .

[thaimate]

He has limited funds ,so why buy? just rent ,its cheap enough and then if he wants to he can move anytime he likes.

[Thaifan2]

>>I liked the 1.2 million place, perhaps a good investment compared to owning property in the UK. Plus there aren't any flats in the UK that are that cheap <<

I would not buy property in Pattaya as an investment .I bought mine as a place to live long term .I had the Condo in JBC for 7 years .Only had the Condo in Park Lane for one year but then my plans changed and i moved on up to Chiang Mai .

I now part own 2 houses in Chiang Mai .I hate paying rent as to me its wasted money . :jap:

Edited October 21, 2011 by Thaifan2

[Darrel]

You were very lucky to get 1.2 M for that .I Sold a Condo also in JBC with Western kitchen ,which yours does not have for B650,000 early this year

I agree that 1.2M for the unit in the link is overpriced, compared to what else is available.

Some people will buy anything at any price though.

[PattayaPhom]

I will not get into the pros and cons of buying property, however the one thing than stands out like a sore thumb is this,

"He doesn't have unlimited funds"

I dont know his personal circumstances, age, what type of visa does he intend to stay here on?

What will he do for living expenses, where is his income coming from?

Lets assume he is over 50 and qualifies for a ret visa, can he put 800k in a Thai bank account?

Can he prove an income of 65k per month in order to renew his visa?

Is he reliant on current exchange rates, what happens if the pound drops to say 40 baht?

If none of the above apply, then he should certainly entertain the idea.

What happens if the Pound goes up to sixty...or is the glass always half empty rather than half full

ED visa, and if dosnt have unlimited funds then buying makes sense as rent is money in your landlords pocket, not your own

[Darrel]

"I'm currently in Phuket, where the property market is a bit overheated due to oversupply of condos and houses."

I dont quite follow. Surely if there really is an over-supply of property then prices should be falling and the market contracting? (OK, Thai logic says that when sales drop you put the prices up, but in real life everyone knows that doesn't work outside of a feudal economy.)

Overheating happens when there is an under-supply of property, for whatever reason (usually an over-supply of money).

[rgs2001uk]

I will not get into the pros and cons of buying property, however the one thing than stands out like a sore thumb is this,

"He doesn't have unlimited funds"

I dont know his personal circumstances, age, what type of visa does he intend to stay here on?

What will he do for living expenses, where is his income coming from?

Lets assume he is over 50 and qualifies for a ret visa, can he put 800k in a Thai bank account?

Can he prove an income of 65k per month in order to renew his visa?

Is he reliant on current exchange rates, what happens if the pound drops to say 40 baht?

If none of the above apply, then he should certainly entertain the idea.

What happens if the Pound goes up to sixty...or is the glass always half empty rather than half full

ED visa, and if dosnt have unlimited funds then buying makes sense as rent is money in your landlords pocket, not your own

Do you really think we are likely to see 60 baht again?

Thankfully I wasnt one of the 80 baht Johnny come latelys, "this is only Mickey Mouse money" brigade.

Yeah makes perfect sense to buy with limited funds, his condo will prove to be a great investment when he is back in good old Blighty with nothing but memories.

You may be in the business of selling dreams, I prefer to live in the real world.

Most people planning to retire here would be well advised to research the historical data, rather than relying on a quirk and praying for a return to the artificial highs of before.

[deejah]

I will not get into the pros and cons of buying property, however the one thing than stands out like a sore thumb is this,

"He doesn't have unlimited funds"

I dont know his personal circumstances, age, what type of visa does he intend to stay here on?

What will he do for living expenses, where is his income coming from?

Lets assume he is over 50 and qualifies for a ret visa, can he put 800k in a Thai bank account?

Can he prove an income of 65k per month in order to renew his visa?

Is he reliant on current exchange rates, what happens if the pound drops to say 40 baht?

If none of the above apply, then he should certainly entertain the idea.

What happens if the Pound goes up to sixty...or is the glass always half empty rather than half full

ED visa, and if dosnt have unlimited funds then buying makes sense as rent is money in your landlords pocket, not your own

Do you really think we are likely to see 60 baht again?

Thankfully I wasnt one of the 80 baht Johnny come latelys, "this is only Mickey Mouse money" brigade.

Yeah makes perfect sense to buy with limited funds, his condo will prove to be a great investment when he is back in good old Blighty with nothing but memories.

You may be in the business of selling dreams, I prefer to live in the real world.

Most people planning to retire here would be well advised to research the historical data, rather than relying on a quirk and praying for a return to the artificial highs of before.

thanks for the post

would you mind terribly cluing us in the historical data you are refereeing to?

this may be helpful to us reading the thread

in addition, more generally speaking:

since the world is in financial mess right now

how might this play out on the market here?

a deep recession, inflation, or depression

in the EU, USA, etc

might that not drive prices down considerably?

or would that make overseas funds more volatile to withdrawal, access, and use to purchase?

just curious if anyone else is considering the timing of condo purchase here, now, next year, or wait it out?

constructive thoughts please on this

[PattayaPhom]

I will not get into the pros and cons of buying property, however the one thing than stands out like a sore thumb is this,

"He doesn't have unlimited funds"

I dont know his personal circumstances, age, what type of visa does he intend to stay here on?

What will he do for living expenses, where is his income coming from?

Lets assume he is over 50 and qualifies for a ret visa, can he put 800k in a Thai bank account?

Can he prove an income of 65k per month in order to renew his visa?

Is he reliant on current exchange rates, what happens if the pound drops to say 40 baht?

If none of the above apply, then he should certainly entertain the idea.

What happens if the Pound goes up to sixty...or is the glass always half empty rather than half full

ED visa, and if dosnt have unlimited funds then buying makes sense as rent is money in your landlords pocket, not your own

Do you really think we are likely to see 60 baht again?

Thankfully I wasnt one of the 80 baht Johnny come latelys, "this is only Mickey Mouse money" brigade.

Yeah makes perfect sense to buy with limited funds, his condo will prove to be a great investment when he is back in good old Blighty with nothing but memories.

You may be in the business of selling dreams, I prefer to live in the real world.

Most people planning to retire here would be well advised to research the historical data, rather than relying on a quirk and praying for a return to the artificial highs of before.

Your sure its going to be 40 but thats the difference between pessimism and optimism.....if thats living in the real world your welcome to it...why are you so sure he will end up back at home???..paying for your own home rather than lining the pockets of landlords isnt exactly selling dreams, its common sense...what historical data are you referring to? Please advise...

[rgs2001uk]

To the posters asking the questions about exchange rates/historical data.

http://www.x-rates.com/d/THB/GBP/hist1995.html

http://www.x-rates.com/d/THB/GBP/hist1996.html

http://www.x-rates.com/d/THB/GBP/hist1997.html

I would be more concerned with the pound/dollar exchange rate, but thats a topic for another discussion.

For the record, I personally can remember sub 40 baht, eg 36-38 range.

But dont let the facts cloud your judgement, in whom do you place your trust?

[PattayaPhom]

To the posters asking the questions about exchange rates/historical data.

http://www.x-rates.c...P/hist1995.html

http://www.x-rates.c...P/hist1996.html

http://www.x-rates.c...P/hist1997.html

I would be more concerned with the pound/dollar exchange rate, but thats a topic for another discussion.

For the record, I personally can remember sub 40 baht, eg 36-38 range.

But dont let the facts cloud your judgement, in whom do you place your trust?

So out of 16 years history you choose to post links for the lowest three years.....I could quite easily post links to the highest three years.....if you believe XE rates are going down then it must make sense to purchase now rather than later.

[balo]

You can get a new 1 bedroom condo incl. foreign ownership for 1.4 mill near Jomtien Beach Road,

PM me if interested.

[JSixpack]

Nobody can predict either exchange rates or the property market. Not much point in talking about it.

Unless you're real pro, you don't buy property in Thailand for speculation or investment.

If you want a condo to live in long term, or just to keep as your own vacation place long term, then anytime is a good time to buy (in your own name). Go for it. Many years in the future you'll at least get something back out of it.

However, if possible, it would be best to rent for a while in the same building, see how well it's being managed, and talk to the various owners, most of whom are there at different times of the year.

In one of these threads (the recurrent CONDO BUYING thread, full of the same-same), somebody posted a fine buyer's checklist. Maybe it can be dug up.

Edited October 21, 2011 by JSixpack

[Thaifan2]

You can get a new 1 bedroom condo incl. foreign ownership for 1.4 mill near Jomtien Beach Road,

PM me if interested.

Paradise Park or Park lane ?

[rgs2001uk]

To the posters asking the questions about exchange rates/historical data.

http://www.x-rates.c...P/hist1995.html

http://www.x-rates.c...P/hist1996.html

http://www.x-rates.c...P/hist1997.html

I would be more concerned with the pound/dollar exchange rate, but thats a topic for another discussion.

For the record, I personally can remember sub 40 baht, eg 36-38 range.

But dont let the facts cloud your judgement, in whom do you place your trust?

So out of 16 years history you choose to post links for the lowest three years.....I could quite easily post links to the highest three years.....if you believe XE rates are going down then it must make sense to purchase now rather than later.

Please do, lets chose 2003 as the benchmark,

http://www.x-rates.com/d/THB/GBP/hist2003.html

http://www.x-rates.com/d/THB/GBP/hist2004.html

http://www.x-rates.com/d/THB/GBP/hist2005.html

http://www.x-rates.com/d/THB/GBP/hist2006.html

http://www.x-rates.com/d/THB/GBP/hist2007.html

http://www.x-rates.com/d/THB/GBP/hist2008.html

http://www.x-rates.com/d/THB/GBP/hist2009.html

http://www.x-rates.com/d/THB/GBP/hist2010.html

http://www.x-rates.com/d/THB/GBP/hist2011.html

Thats the rates for the past 9 years, for someone who deals in trends do you se

e one starting to emerge, if you dont have a compass handy, heres a hint, south.

To a previous poster, my balls are fragile, but they aint crystal, so my mrs confirmed not so long ago.

Have we met before, I wont hold it against you, could swear there was some former ELT trying his best to get me to buy property in Spain, Cyprus, Dubai and Hua Hin.

I didnt take his advice then and am not about to take it now, dont worry I will give you 10/10 for effort, how about we let the readers decide.

[balo]

You can get a new 1 bedroom condo incl. foreign ownership for 1.4 mill near Jomtien Beach Road,

PM me if interested.

Paradise Park or Park lane ?

Paradise Park. It will be ready in the end of 2012 .

[Online]

Many second hand studio condo's available, I sold my old studio condo on Jomtien beach for 1.2m have a look at this

You were very lucky to get 1.2 M for that .I Sold a Condo also in JBC with Western kitchen ,which yours does not have for B650,000 early this year .Mine was in building A3 though facing A2 so it did not have a view .

B650,000 is fantastic! :)

[Pattaya46]

Paradise Park.

It will be ready in the end of 2012 .

or 2013, or ...

Experience in Pattaya shows you can never know when a condo will be finish.

[Thaifan2]

Paradise Park.

It will be ready in the end of 2012 .

or 2013, or ...

Experience in Pattaya shows you can never know when a condo will be finish.

Thats why people would be better of buying in Park Lane ( next to Paradise Park )which is finished and you will know exactly what you are getting .

[balo]

Well if they finish in time like they did with Park Lane I expect no problems since it is the same developer, Matrix.

[janverbeem]

Well if they finish in time like they did with Park Lane I expect no problems since it is the same developer, Matrix.

IF :jap:

[kanderson]

Always, the best advise is to rent in a building or area before buying.

For the price I like VT 1 - nice place to be day or night. Love that swimming pool area. Easy, central location there in Jomtien - and cheap.

Prices haven't changed much in the past 5 years - I bought at 38 Bt / usd .

There is a good rental market at VT 1B. Not that it's a good business - but you can rent it out .

For the price, I've been happy so far. I spent 1.15 mil 5 years ago. I could probably sell it

pretty quick at that price today. 38 sq meters.

I think those small (boxey) rooms may at least hold their value. I have no problem with a smaller, cheaper place.

I can always rent it out and rent a bigger place if I wanted to move.

I like living at VT 1b. It's relaxing and close to everything. I like that swimming pool.

Yearly maitainace fee is about 5,500 baht. On the Jomtien side of the building you can have a satalite dish.

[DD13]

Nobody can predict either exchange rates or the property market. Not much point in talking about it.

Unless you're real pro, you don't buy property in Thailand for speculation or investment.

If you want a condo to live in long term, or just to keep as your own vacation place long term, then anytime is a good time to buy (in your own name). Go for it. Many years in the future you'll at least get something back out of it.

However, if possible, it would be best to rent for a while in the same building, see how well it's being managed, and talk to the various owners, most of whom are there at different times of the year.

In one of these threads (the recurrent CONDO BUYING thread, full of the same-same), somebody posted a fine buyer's checklist. Maybe it can be dug up.

Well done Jsixpack a sensible response, rather than the "doom-mongers' that get on here (no doubt they have been scorched in the past)

Buying property anywhere is a lottery, but as someone said, you usually get something back, and I say that as a landlord.

Your advice to rent for a spell is good advice,check out your neighbours behaviour, not a good idea to be ajacent to a property used for holiday rental,unless you are happy with early morning partying