It is not a good time to buy property in Thailand. Banks are lending & property prices are not dropping due to the insecurity of the present economic situation. However only if you have the spare cash but don't look at condos as a cash earning venture unless you get a bargain from an outgoing expat etc. The worse hightmare will be the Management themselves in Thailand as many condo complexes have bad management and sinking funds are not used appropriately. When buying check out and talk to other owners in the building and especially about maintenance & other project\s the owner has. He/she may have over committed?? Thailand SET index has also been dropping as foreign investment is tending to shift to other countries. The situation with The Baht, and the USA and Japan's firm belief in defending the Yen, won't change much from what it is. If anything perhaps few Baht swing only. LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai
To date foreigners may own
- a unit in a registered Condominium
- a building (as distinct from its land)
- a registered leasehold of up to 30 years for all types of titled land (and/or buildings).
- a company can purchase land and buildings 49% foreign shareholding but must carry out business as well.
- not more than 49% of a condominium unless done in Company form or BOI.
- 49% max of land/ buildings in a company or BOI
- 1 Rai of land if they invest 40m baht in Thailand.
- Usufract Interest or (sidhikepkin) allows a foreigner to have temporary ownership to certain things in Thailand. Its really limited to 30 years but can be renewed just like a lease.
However, a 30-year lease can be a good idea with right to renewal to a freehold purchase, or a Thai company (7 PARTNERS) can be established with Thai majority shareholders. Foreigners own 49% shares in the company buying land but we can assist you to make sure your company is safeguarded. Remember if you need advice check first before you commit yourself.
At the moment the Baht is back to 34 baht = $US1 is a good time to buy condos in Thailand for living only not renting. Be careful and check the background of where you are buying and if they have an effective Juristic Managemement Committee in place & the complex owners have good credentials; and the building are satisfactory. Some companies like a Japanese Company we know ( now partly owned by the large Saha Group but has no connection to this issue) have failed in their attempts to satisfy their buyers. The Japanese Thai company who owns Twin Peaks in Chiangmai will not assist owners of their newly built complex & are facing heavy litigation cases. This is perhaps the best developement in Chiangmai yet some of those investors (foreigners) have had little satisfaction in having problems remedied by the owner & remains the same. Problems like plumbing and not finishing the condos or abiding by the contract are some fo the issues and we understand some realties have not been paid their comissions. Also in Pattaya theres been a lot of ripoffs with foreign property companies so be careful. Check out magazines like Pattaya Daily news website etc for good condo buys.
The problem will be like many finance companies will find out, the customer or investor getting a bad deal from the owner or Company of the complex & subsequently goes into liquidity mode, cannot service payments to contractors & suppliers or changes its status as in the case of this Company selling shares out to another to overcome their problems. However the case has no changed at all and they are building more. Even contracts are not adhered to and to litigate can take 6-12 months at the very least. Now Condominium complexes must hard sell and look at the building costs going up monthly to cut even or to make a profit but don't listen to sales pitches thats there only 2 left etc-- if the complex stops you lose your money or most of it as by the time you take it to a Thai Court you may find the payments you made are taken up by Court costs and appearances plus legal fees. A case on the superhighway 2 condos were sold to Thai buyers under the impression that foreigners would flock to the new CBD new ofiice district. Many bought on this assumption & within 6 months 2 floors of owners could not service their payments & the condos are hard to even rent. To date there is no CBD office complex. As at 2010 April Thailand has slowed as the RED shirts are putting off investors.
BANGKOK REAL ESTATE Please go to : www.bangkokrealty.biz
NZ WEBSITE ON HOUSING & the economic situation in 2010 check: www.gian.co.nz/nzlost.php
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