Pattaya City To Urge Higher Limits On Foreign Owned Condos.

[LennyW]

CITY TO URGE HIGHER LIMITS ON FOREIGN-Owned condos

Pattaya City Hall will press the government to raise foreign ownership limits on the city’s condominiums from 49 percent to 70 percent. According to Deputy Mayor Ronakit Ekasingh, the move would be a great investment opportunity for the arrival of the ASEAN regional market to be introduced in 2015. Pattaya Mayor Itthiphol Kunplome has promised to raise the matter with Interior Ministry officials.

Full Story:http://pattayatoday....n-owned-condos/

--PATTAYA TODAY 2012-04-21

[newsfooter][/newsfooter]

[FarangBuddha]

"Pattaya City To Urge Higher Limits On Foreign Owned Condos"

Translation: We have a seriously over-built condo market and we need to find more foreign suckers to bail us out!

Edited April 21, 2012 by FarangBuddha

[Basil B]

^{Just shear greed...}

^{Why worry about tomorrow, after all, tomorrow is another day, (Thai Logic).}

[Jingthing]

Does that mean the value of currently owned foreigner owned condos drops overnight? Because in the current market there is a differential in value between foreign owned capable (higher value) and not.

[LennyW]

Good that they are still pushing for the 1 Rai ownership issue for a personal dwelling, that would be most welcome for a lot of people.

[Jingthing]

It is based on the assumption that tourist arrivals and revenue in the resort city will triple over the next five years.

That's a lot. In a city with only baht bus cattle trucks for public transport, no real taxi meters, and no other mass transit system. Uh oh!

[PoodMaiDai]

"Pattaya City To Urge Higher Limits On Foreign Owned Condos"

Translation: We have a seriously over-built condo market and we need to find more foreign suckers to bail us out!

Bingo.

[MAJIC]

Doe's this mean that the older Condos will sell for less than the newly built? enabling the developers to make more profits?