Is there a limit on how many condos I can buy?

[Hal65]

This thread is not about the 49% foreigner ownership threshold. I'm just asking how many condos I can legally buy in buildings that haven't hit the limit.

Back in the US I always had a plan to invest in cash flowing rental properties. Houses are more ideal for appreciation purposes. But as I find myself in Thailand, us foreigners must cross that option off the list unless willing to risk using a foreign owned company with a Thai partner to circumvent the land act.

Maybe for one house I would consider it, but for proper rental property portfolio, I would rather be as clean as possible.

Is there any limit imposed on maximum number of condo units and qualifying buildings we may buy?

[KittenKong]

There is currently no purchase limit apart from the normal 49/51 farang/Thai ratio.

If you own more units than everyone else put together your voting rights will be reduced to equal the voting rights of everyone else.

Eggs - basket - one.

[kleelof]

If you are an AMerican, you may not have to deal with the 49/51 split. There is a treaty that allows Americans to hold the controlling interest of a company.

[shirtless]

There are not many condos left you better hurry mate ,

[kleelof]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

[mike324]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

Thailand's economy has been one of the healthiest since the hamburger crisis (of course not in all sectors, but if you average it out, it was doing pretty well compare to the rest of the world). Another reason is people are moving away from China hence in some sectors they are experiencing growth. The economy mainly slowed down due to political reasons in the past years.

[farang101]

There is currently no purchase limit apart from the normal 49/51 farang/Thai ratio.

If you own more units than everyone else put together your voting rights will be reduced to equal the voting rights of everyone else.

Eggs - basket - one.

Thanks for the topic and feedback, I am a co owner in Bangkok of a 72sqm Condo high floor, high ceilings and the building is about 5 years old. The original Contractor set it up to have 9 Committee members.

Since I am a Residential co owner on resident side of 500 units, and the other side of the building is set up

as offices and stores they get 3 and 3 Co owners for the Committee out numbering the Residents on every vote.

Since most of the residents are really just investors only a few of us foreigners actually live here. Some foreigners have over 9 or more units I found out.

The controlling factor of this Condo in Bkk has caused many to either sell low or allow some agents to do

short time rentals.

Since the last AGM and EGm had people that wanted this stopped they voted at the EGM to stop less than monthly rentals. However with all the signs and having police in lobby for a month the Management has not really done what they promised in their newsletters and signs all over that they will stop illegal short time rentals and enforce cutting off water and common card useage of common areas.

The last thing the Committee did was raise the Common charges about 25 percent and fire the Juristic Management and install a new one set up with one of the Committee members from the Offices who own a big company here. They also hired people who might be related to the big Companies and of the unit owners who own allot of units?

They refuse to give minutes of meetings or give out mailing list to contact co owners.

They refuse to answer any emails or phone calls and seem to have no opposition that lives here except me.

So when you wrote that those who have allot of units have the same power as those of us that don't I was surprised since they have proxies and we are not allowed to see who votes for who, they just come up with figures but have no one except me asking to see them and I am denied.

Would you say this is a conflict of interest by this Co owner that has now installed his people not only as ongoing controlling factors of committee but the Juristic Manager and he hired a Building Manager loyal to this Company.

I did a search online of this Company and found them listed as a big Company and the CEO was a Graduate of a USA and Thailand University and does Sales and Management of big Hotels and Condos and most of the Directors are Attorneys and they refuse to return my calls or emails when I said I believe they are in conflict of interest and the 100 or so email addresses I acquired over the years to other co owners go unanswered when I ask them to stop this and hire an Attorney to investigate this possible conflict of interest and to see who they are hiring and why they are so disrespectful and not willing to respond to questions.

They seem to be putting in every two years the same Companies on the six vote side and the other 3 from Resident side are always Asian and non living here?

Any ideas how to deal with their Control and Power issues since I do not seem to be able to sell

and do not want to rent. I have lowered the asking price to the cost of what I paid and put into it.

I would have loved to stay here but do not think I can since they lost face with me and refuse to acknowledge anything I say and at the AGM and EGM I am ignored.

[impulse]

Limited only by your pain threshold, perhaps?

[bangon04]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

My condo building is just over 18 months since completion. On my floor there are 20 rooms and only 2 are occupied.

[Suradit69]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

My condo building is just over 18 months since completion. On my floor there are 20 rooms and only 2 are occupied.

Location, location, location ... and a few other things as well.

[Frank James]

I don't think I'd mind having these kinds of problems. But then the meal always looks tantalizingly delicious when you are broke and hungry, standing outside the restaurant stealing glances inside at the happy diners.

[rgs2001uk]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

I wonder how many have actually been sold?

I wonder how many have just had the minimum deposit put on them and will eventually appear on Prakard as some flipper tries to make a quick buck?

[KittenKong]

Thanks for the topic and feedback, I am a co owner in Bangkok of a 72sqm Condo high floor, high ceilings and the building is about 5 years old. The original Contractor set it up to have 9 Committee members.

Since I am a Residential co owner on resident side of 500 units, and the other side of the building is set up

as offices and stores they get 3 and 3 Co owners for the Committee out numbering the Residents on every vote.

Since most of the residents are really just investors only a few of us foreigners actually live here. Some foreigners have over 9 or more units I found out.

I dont understand your breakdown of the votes. Each co-owner should have a vote that is proportional to the amount of space they own. Those who aren't present for meetings can assign a proxy (if they care enough).

The controlling factor of this Condo in Bkk has caused many to either sell low or allow some agents to do

short time rentals.

Since the last AGM and EGm had people that wanted this stopped they voted at the EGM to stop less than monthly rentals. However with all the signs and having police in lobby for a month the Management has not really done what they promised in their newsletters and signs all over that they will stop illegal short time rentals and enforce cutting off water and common card useage of common areas.

The last thing the Committee did was raise the Common charges about 25 percent and fire the Juristic Management and install a new one set up with one of the Committee members from the Offices who own a big company here. They also hired people who might be related to the big Companies and of the unit owners who own allot of units?

They refuse to give minutes of meetings or give out mailing list to contact co owners.

They refuse to answer any emails or phone calls and seem to have no opposition that lives here except me.

So when you wrote that those who have allot of units have the same power as those of us that don't I was surprised since they have proxies and we are not allowed to see who votes for who, they just come up with figures but have no one except me asking to see them and I am denied.

Sounds like the other units may be owned by multiple companies, so as to avoid the number of votes being restricted. However it also sounds like the management/committee isn't very keen on discussing anything. It's a bit of a surprise that the co-owners managed to vote in the banning of short-term rentals.

I'm sorry but I dont see that you have much choice but to get out as quickly as possible. Personally I would never look at a condo building in which one person or group had an unduly large interest (and by large I mean more than 10%). And I wouldnt look at part residential/part commercial buildings either. They all seem to be a nightmare waiting to happen.

[KittenKong]

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

I wonder how many have actually been sold?

I wonder how many have just had the minimum deposit put on them and will eventually appear on Prakard as some flipper tries to make a quick buck?

If the building has not yet been built then none have been sold at all.

You cant sell a condo until the chanotes exist. Until then all you can do is contract to buy/sell, and this is what has surely happened in this building.

As you say, buyers may have put down a small deposit and they may be paying off the rest in stages, but even so a large proportion are probably intending to "flip" long before the chanotes are issued and the final payments and transfer fees become due. Trouble is, Thailand (and especially Pattaya/Jomtien) is absolutely full of off-plan units like this that no one intends holding until completion.

[ldnguy]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

Where did you get that idea from. Thailand's economy is growing. It's a slow rate of growth at the moment, but it's still growing. It's not in a slump at all.

Many ask why more condos are being built. The reason is simple - developers sell enough i each building to make a profit, so why shouldn't they keep building. I've no ideas of the figures involved, but if you built 100-condo buildings and made a nice profit selling 80% of them, what does it matter to you that 20% are unsold. You'd be stupid to not continue building. These companies make money, so of course they will continue building.

It's funny that many farangs think Thais are stupid, but the Thais are making money while the farangs sit and wonder how they do it. Get out of that negative farang mentality. Property development companies make money. I know someone will say... but it will all end in tears, blah, blah, blah. Well, yes it might. But why not make the money now while they can. Yes. it may eventually come to an end for a while. But that's even mor reason to make money now while they can.

In this case, many Thais are much more savvy than farangs. Many people make extremely large amounts of money in Thailand. Farangs just complain that it's too difficult. Not all farangs, as the savvy few also make big buck.

[ldnguy]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

My condo building is just over 18 months since completion. On my floor there are 20 rooms and only 2 are occupied.

My condo building has around 200 units and it's almost completely full. About 2-3 units for sale and maybe 5 for rent. Very popular. Excellent location.

[kleelof]

There are not many condos left you better hurry mate ,

I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units.

Where did you get that idea from. Thailand's economy is growing. It's a slow rate of growth at the moment, but it's still growing. It's not in a slump at all.

Many ask why more condos are being built. The reason is simple - developers sell enough i each building to make a profit, so why shouldn't they keep building. I've no ideas of the figures involved, but if you built 100-condo buildings and made a nice profit selling 80% of them, what does it matter to you that 20% are unsold. You'd be stupid to not continue building. These companies make money, so of course they will continue building.

It's funny that many farangs think Thais are stupid, but the Thais are making money while the farangs sit and wonder how they do it. Get out of that negative farang mentality. Property development companies make money. I know someone will say... but it will all end in tears, blah, blah, blah. Well, yes it might. But why not make the money now while they can. Yes. it may eventually come to an end for a while. But that's even mor reason to make money now while they can.

In this case, many Thais are much more savvy than farangs. Many people make extremely large amounts of money in Thailand. Farangs just complain that it's too difficult. Not all farangs, as the savvy few also make big buck.

The only person talking negatively and stupidly is you. Nobody here has said a single negative thing about Thais.

[Gentmartin]

As far as Im aware, there is no limit to the number you can hold. I personally buy mine in Makro in bulk as Im very active. (5 times a night but i dont like to brag !) and there is a special offer on right now where if you buy a 12 pack, you get a free 3 pack. Again , it all depends on your personal circumstances, but it's nice to see people being aware of their sexual health and taking precautions.

Good luck mate, have fun, and drop me a line if you need to borrow my Makro card :-)

[Gentmartin]

ohh <deleted>.....he said Condos, not condoms....whoops silly me ;-)

[Ulic]

The only limit is the size of your bank account.

[OnMyWay2]

There could be a point where it triggers you into a new category

of requiring a business permit? Maybe you even need a Thai company name. Honestly im not sure but something to look into.

[otocheater]

In Thailand has no limit as soon as you got money.

You also can register more than 10 companies in Thailand.

FOR TAX MUCH CHEAPER THAN UK OR USA.

Regards,

[dotpoom]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

[dotpoom]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

[kleelof]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

I agree. At least as far as the building goes. But the property prices are almost always going up. At least where I live.

[jdinasia]

If you are an AMerican, you may not have to deal with the 49/51 split. There is a treaty that allows Americans to hold the controlling interest of a company.

But still not land.

[kleelof]

If you are an AMerican, you may not have to deal with the 49/51 split. There is a treaty that allows Americans to hold the controlling interest of a company.

But still not land.

That's not 100% true.

Your company can buy land. And, you can have controlling interest in the company. So, indirectly, you own and have complete control over the land.

[jdinasia]

I welcome you to check on that. Foreign owned companies are not real people.

[kleelof]

I welcome you to check on that. Foreign owned companies are not real people.

Not sure what you are trying to say.

If I start a company, my company can buy property. As the owner of the company, I can sell or otherwise use that that land as I see fit. So, for all practical purposes, it is as if I own the land.

Sure, the deed of the land does not say "Owned by Howard J. Farang", but I can use the land as if I were the direct owner.

As for checking on it; I know already this is possible. Even earlier this year after the coup, there were investigations into dummy companies set-up for the sole purpose of buying land.

Edited October 24, 2014 by kleelof

[KevinB]

Kleelof - "I don't get this. Thailand is supposedly in an economic slump, but still building like crazy. They are putting up an 8 floor condo behind my house and they have already sold all the units."

It's called a housing bubble in some circles. But there are others posting in this tread who don't think there are any problems with the Thai economy. I'm impressed - you are obviously well informed and have all the figures at your finger tips - because professionals such as those at the World Bank and Asian Development Bank who have already cut Thailand's growth forecast to only 1.5% (and more recently to a bit below that) - in economic terms (especially considering its neighbours) that almost certainly means a significant slow-down.

The other problem facing the country is the massive private debt this Kingdom has - a lot of the speculative buying of units in condos is driven by bank loans - and the banks are holding other properties as security - all it needs is for a couple of banks to fail the next Central Bank liquidity stress test and they will have to start calling in loans and trying to recover their held assets by selling - selling into a market driven by speculators not eager residents looking to live up in the sky.

A couple of posters have talked in this thread about the difficulty of selling the condos they already own and would like to dispose of - others have countered that it is all Location X 3 - Well next time you have some spare time take a little ride on the BTS and see how many Condos (and office blocks are going up near the new stations on the extension line) - plenty - in what would obviously not be places in a poor location.

So to the 1st Poster - before you buy every condos you think you need in Thailand - why not look at a bit of diversification. I can recommend some property near KL where the urban transit system is being extended (you might find that Malaysia has a more ordered legal system when it comes to the law governing the management of condo properties - I'm sure the one poster sharing his problem as a sole owner resident in a block controlled by some weird set of Asian owners will have real problems trying to sort it out in a Thai court) or why not some juicy properties in Greater Manila or some very nice cluster home projects along the Vietnamese coast. All your eggs in one basket in the hands of a Military Regime - NOT CLEVER.