Thailand is now the number 1 Asean country for foreign property buyers

[webfact]

Thailand is now the number 1 Asean country for foreign property buyers


Photo: Nai Harn Beach Condominium CEO Igor Protasov (2nd from left) met with Anan Atsawapokin – the Executive Board Chairman at Land & Houses Co Ltd.

Housing loan stimulus reinvigorates property market borrowing.

PHUKET: -- Nai Harn Beach Condominium CEO Igor Protasov recently attended a seminar highlighting the direction of the Phuket real estate market at the Phuket Royal City Hotel. We asked Mr.Protasov to tell us about the event.

Please, tell us what the event was about?

The seminar, titled “Moving economy, pushing real estate. Phuket focusing today and catching up with the future” was organized by the Phuket Real Estate Association (PREA) and presided over by Governor Chamroen Tipayapongtada.

The seminar proved to be a success with many members of the association and real estate and condominium business operators in attendance.

Photo: At the seminar. Mr Protasov. who heads the B200 million project at Nai Harn Beach Condominium met with Anan Atsawapokin, the Executive Board Chairman of Land & Houses Co Ltd. to discuss the future of the real-estate market on the island.

What did you gain from this event?

I received much advice and many new ideas after we exchanged ideas, and the Nai Harn Beach Condo project had received so much attention.

We also discussed the tax cuts that the government has introduced as a stimulus package to the property market.

The government has made BIO billion in cheap loans available through all branches of state-owned Government Housing Bank (Bank), with some 2,000 potential borrowers applying for a combined B2.5 billion in housing loans on the first day of the scheme.

Could you explain how the scheme works?

The move was to make housing loans available for low-income candidates who have been rejected by commercial banks by having them apply to the GHB from October 10 to December 31. 2015.

Buyers of homes valued at B3 million or less also now have better access to mortgages. The government cut in transfer and mortgage fees for houses to 0.01% of the appraisal value for six months for homes.

The move also allows first-time homebuyers paving for a residence priced at B3 million or less by the end of next year to deduct 20% of the home’s value from taxable income over a five-year period.

It means that a majority of potential buyers have a chance to buy their first property in Thailand now.

The state-owned housing bank is allowed to offer loans of up to B3 million to those with monthly incomes of B30.000. Normally, only those earning B54.000 a month are eligible for the B3-million housing loans. Those earning BI0.000 a month can borrow up to В1 million under the scheme. They must pay B5.000 a month in the first year, 5,700 in the second and 7,000 from the third onwards.

GH Bank also charges borrowers 3.5% for the first year. 4.25% for the second year and the minimum retail rate minus 0.7 percentage points throughout the term of the loan for general borrowers and MRR minus one percentage point for employees of companies that have been offered special conditions by GH Bank. Its MRR currently stands at 6.75%.

The government has also agreed to permanently reduce corporate income tax to 20% and the old agreement will be terminated at the end of December 2015.

And projects with 10% – instead of 20% – venture capital are exempt from dividend tax in the hope of assisting SMEs (small- to medium-sized enterprises) to gain access to investors to improve performance and create a stronger market for real estate.

With current support by the Government and coming launch of the Asean Economic Community in December 2015, Phuket property market can expect growth in both prices and demand, specifically in the segment of ready to move in condominiums.

Source: http://reallifephuket.com/en/featured/thailand-is-now-the-number-1-asean-country-for-foreign-property-buyers/

-- REAL LIFE IN PHUKET 2015-10-29

[trogers]

That Ace something is an example for the potential of the property market in Phuket...

[terryp]

i wish them all the best it must be nice to have too much money and very little intelligence (this is the point at which all the people who have invested their life savings jump in and call me a >>>>>)

[theguyfromanotherforum]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

[Jacks77]

This is just PR. Trying to promote their project with bogus headlines.

[alant]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

I too have problems with this

[jphantom]

For sure, as the previous reader noted, there is absolutely NO mention or even an indirect reference to foreign buying….. More importantly, foreigners cannot own real estate in Thailand…….. only Thais and especially Thai wives of foreigners………

[FangFerang]

It's because the baht deflated, making a very attractive climate...

[KimSamui]

More accurately the ASEAN Country with the most number of Foreign Sellers.

[zaphod reborn]

Foreigners can only buy condominiums and only up to 49% of the condominium units in any project.

For the life of me, I cannot understand why anyone would risk buying land or a condo in Phuket. For the most part, the land deeds for any properties, including condominium developments, were issued illegally by the Phuket Land Office in exchange for bribes. The deeds may or may not be legitimate. There are numerous foreigners who have been cheated out of their investments or homes because the land on which their project was built was illegally obtained. The court cases from this, as well as others like the Ace Condo, or going to continue for the next few decades.

[krystian]

For sure, as the previous reader noted, there is absolutely NO mention or even an indirect reference to foreign buying….. More importantly, foreigners cannot own real estate in Thailand…….. only Thais and especially Thai wives of foreigners………

I was going to ask that question,, foreigners cannot own real estate.. has anything changed in the last so and so years?

[yussiesamui]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

So did I, and I only read the article because of its controversial heading! According to my knowledge, a foreigner cannot buy property in Thailand. Or did I miss something?

[pinkpanther99]

I have never read such utter utter BS in all my life.

What is the point of this article?

[spidermike007]

Absolute poppycock. I do not believe this for a nanosecond. Makes little to no sense.

[razer]

BUT ... foreigners can't own property in Thailand.

[ChrisY1]

Nothing at all about foreign home ownership......the buying of a condo remains the same as it always has.....this is just spin that the media have been ordered to print IMO!!

[lvr181]

The spin doctors are in town! Pushing their own wheel barrows. Advertorial?

[KIWIBATCH]

I have never read such utter utter BS in all my life.

What is the point of this article?

I join with you on that...absolute BS...unbelievable nonsense

[nithisa78]

I have never read such utter utter BS in all my life.

What is the point of this article?

must be pretty boring life. Or you're not much of a reader. what's your point? Rhetorical. You have none.

[VINCENT2012]

1 st Asean country for foreign property buyers

2) - on wich name did they buy ? really?

3) - i dont beleive a word of that new.

4) - they kick out so many people out of thailand (visa rules) that the farang left here are mostly and only old pensioners.

but .....

5) - i am looking for one of these lovely buyer has my wife sell her (well our.....well also mine ....as i paid..anyway..it is a long story...).....but legally her property....as usual!

http://www.hotel-resort-for-sale-ubon-ratchathani.sitew.eu

russians are very welcomed too....if they pay the very cheap price..!

come on man ...animo ..i want also to be part of that percentage, and lucky boy...i promess i will make a nice post here when the operation is finally done..with champagne too!..on the house.

[chumpy]

hub of the farang homeowners who don't actually own their homes.

[Bignose]

Written like an advertising feature if you ask me...and a poorly written advertising feature at that!

[Farang99]

This seems highly improbable, as there are several ASEAN countries where foreigners can actually OWN property (e.g. Malaysia), unlike Thailand, where you need a Thai proxy person or company to buy the property.

[lvr181]

Written like an advertising feature if you ask me...and a poorly written advertising feature at that!

It is also known as an "advertorial" (an advert written as an editorial).

[MAJIC]

Thailand is now the number 1 Asean country for foreign property buyers.

Believe that and you will believe anything!

[connda]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

Basically the article says that the Thailand government is backing loans in the sub-prime real-estate market. Just like 2007 redux in the US.

"Danger, danger, danger Will Robinson!"

[trogers]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

Basically the article says that the Thailand government is backing loans in the sub-prime real-estate market. Just like 2007 redux in the US.

"Danger, danger, danger Will Robinson!"

Not that bad as the Thai govt placed a US$1b limit to this program, unlike the US govt.

[connda]

BUT ... foreigners can't own property in Thailand.

You really, really need to call 'bravo sierra' on this type of reporting. The 'journalist' who wrote this piece and their editor should both be slapped silly with a wet bamii noodles. The only place that the word 'foreign' shows up in the entire article is in the Title.

If you dig into the 'about' info for RL Phuket mag, they state "Our publication focuses on nothing but the positive because we want the good life to be everybody’s real life."

Perhaps they just wanted to make foreigners feel good and excited for a minute, well, until they read the article and found out their is no mention of foreigners purchasing real estate. Anyway, this is just an advertising rag, not a news publication. Different level of scrutiny to editing is my guess.

Edited October 30, 2015 by connda

[connda]

I have read the article in its entirety and fail to see where it is discussed that Thailand is number 1 for foreign property buyers.

Basically the article says that the Thailand government is backing loans in the sub-prime real-estate market. Just like 2007 redux in the US.

"Danger, danger, danger Will Robinson!"

Not that bad as the Thai govt placed a US$1b limit to this program, unlike the US govt.

Yeah, the US just keeps the digital printing presses locked on "Print Money Forever" via the Fed. If that money every comes home to roost, we're going to have a Weirmar Republic or Zimbabwean moment. Great for those massively in debt; suckola for anyone who actually saves money. Got $250 trillion in derivatives exposure gone bad (think JP Morgan, Citibank, etc)? No problem. Just pay it off with 250 $1 trillion dollar bills.

Errr, ahhh hum. Got Gold??? Lol