Why would it be panic sold if they knew their ownership structure was illegal? Better to sell before these properties flood the market and prices drop, not to mention being arrested. I've said in several posts, in many different threads, over the years, that the day will come when many will be left holding the can here in relation to property. I actually thought it would be a hard right Thai politician standing on a "Returning Thai land to the Thai people" platform. In any case, it doesn't matter how we got here, just that we are here. The authorities do not have to resources to knock on all the dodgy Thai company doors in the first week, but they will get around to all of them in due course. I don't think this is all just going to go away. On that basis, I would not say it was a panic sale, because no one knows when that knock on the door is coming, and why even take the chance of arrest here? They chose to get out while they could, and I don't blame them. Those waiting to see if it all goes away may end up with a worthless property that can't be sold, even at a fire sale, or worse, be arrested. Tit. 🙂 I guess the property didn't get, as one member calls it, "whittled down." 😂 It's illegal to set up a Thai company solely for the purpose of owning land. They will be glad they never bought. Understandable, isn't it? It's slowing down now, but the massive oversupply here was because many thought the gravy train would just keep rolling on, with Thailand continuing to be the flavor of the month. Foreigners are wising up to the illusion of property ownership in Thailand.
