It is a good time to buy property in Thailand for condos in 2017 as foreigners can pick and choose condos with many still finding it hard to hold on as pensions change the status of expats staying in Thailand and changes in economies like Russia---many having to head back home replaced by Chinese. Pattaya has many incomplete condos and condos not started but these may never get off the ground due to supply demand & one must be careful if investing in anything thats not complete. In fact our advice is do not buy off a plan. Check from the land office on who owns the land and building and check the history of the condo owner and company building.
Bangkok also are finding it hard to sell condos as prices are not dropping as expected as developers are holding on. Banks are lending & a property crises may happen as people are finding it hard to service their mortgages. Good buys from some departing foreigners due to the insecurity of the present economic situation & the fact they want to go home so check the for sale Classifieds on many Thai wensites. Buy 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; are old and sinking funds are not used appropriately. (One case here a foreigner took over the management committe only to find himself in deep water for no work permit even though he wasn't actually working) but check this out when buying.
Talk to other owners in the building and especially about maintenance & other project\s the owner has. Check the usual things like water; security etc. He/she may have over committed?? As unemployment rises in Thailand so do the scams and ways to sell properties to unwary foreigners as well as Thais. The resort areas of Thailand are magnets for the scams and there are many happening not just from Thais but Malaysian Chinese and Chinese themselves, Indians etc from credit card frauds to counterfeit $$$$..
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 is good
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
- 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 unless BOI status.
- 49% max of land/ buildings in a company unless under BOI status
- 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.
THAILAND HOUSING SITUATION
Thailand, housing loans make slightly above 50% of total household debt. Thailand after suffering from political crises, have not yet recouped the confidence of investors. This resulted in a drop of 5.09% in Thailand’s house prices, down from an 8.03% increase in 2006-8 but houses are slowly holding in 2017. Housing in Thailand is a buyers market if you have the cash. The only problem is foreigners can only really buy into condos but these are bargains in the right places and locations if one is prepared to shop around. A lot of realties are closing due to the slow sales and the Thaksin Red shirts are cusing havoc on the political front which of course doesn't help buyer confidence. Thailand has gone the opposite way from NZ, Australia, UK and USA etc where salaries are not up with the rise of housing prices making it not even worth considering to buy unless you have cash. Although foreigners are unable to borrow in Thailand (can if they own a factory ) if they have cash it’s a good market. However don’t look at the Thailand situation as a rental investment as the rental incomes are not great. However as a long term capital investment one should be able to recoup a small profit. In this respect Thailand is still on a building boom and theres many condos out there especially in Bangkok and Pattaya, Phuket so one can choose what they want but caveat emptor prevails. Be careful and follow our Property guide to buying found on 2 of our websites: www.chiangmairealty.com or www.bangkokrealty.biz
The Thai Government has also created incentives to the commercial banks to provide more home loans & staff are cavasing every day for new account holders to credit crads to loans for business. The vast network of the commercial banks permit unrestrictive access to borrowers nationwide but in so doing they are putting a strain on peoples ability to pay back. The Government allows market forces to determine the mortgage-loan conditions. There are no arbitrary interest rate directives (ostensibly to help low-income borrowers, but usually yielding opposite results). The housing finance system is an integral part of the whole financial system. There are no special channels or conduits that force resources into housing finance. Should the financial system become unfavourable to home mortgage lending, the Government Housing Bank will absorb any spill-over demand but then if many people default as the case then there could be trouble ahead but for those who are flush with cash its not there problem.
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