PROPERTY BANGKOK REPORT
The housing situation in Thailand is looking bleak for homeowners who are paying mortgages off. More jobs are going and unemployment is starting to increase. The government has helped the workers by their 200baht per each social welfare worker fund but this is only a temporary measure. The Red shirts of Thaksin are mobilizing to upset the Country even more so the country could find themselves in more of a mess. Is it a good time to buy---only if you have adequate funds and buy a condo but do your homework first.
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 only.
- more than 49% of a condominium unless in Company form.If BOI status different
- foreigners can own land being not over 49% in a proper Business orientated company but cannot secure a mortgage. Under BOI can buy.
- if you invest 40m baht you can buy 1 Rai of land in Thailand outright
CHECK OUT THE LATEST ON THE PROPERTY
MARKET IN THAILAND WHICH IS NOT THAT BAD
Thailand FOR FOREIGNERS is the still the better options for those on pensions and have the means of income to live. It is much better than the Philippines or Indonesia and offers more for the retirees than any other country. Property wise there are bargains in the classified sections but not with realties as many of these companies esepcially the fly by nighters and foreigners who set up go by the way side. In Pattaya a few realty companies are closed or near closing and one must use a good lawyer now to be safe from scams etc. But forget that as there are good properties on the market.
The Government Housing Bank (GH Bank) reported 1.095 billion baht in net profit in the first quarter after allocating 1.243 billion baht in reserves for doubtful accounts, according to president Khan Prachuabmoh. The bank extended 22.5 billion baht worth of housing loans to 33,581 customers during the period and expected total new loans of 73.5 billion baht this year.It had non-performing loans of 63.32 billion baht in the quarter accounted for 10.51% of total outstanding credit. The bank had 9.78 billion baht in non-performing assets (NPAs), down 3.87% year-on-year. It sold 390 million baht worth of NPAs in the first quarter and plans to hold three more auctions this year at branches nationwide. In its latest auction last Saturday, GH Bank sold 505 NPAs worth around 300 million baht.
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WHEN TO PAY FOR YOUR PROPERTY
1/. Never pay deposit or booking fee over the Internet. See what you buy first
2/. Look at progress payment reports when, & how much
3/. Check the builder before you sign
4/. Talk to neighbours & others about the Moo Baan or buildings.
5/. Have a person on site to inspect interim work for you
6/. Do not be bullied into progress payments before work completed. If so then some middle man is getting his cut.
7/. When in doubt ask. Seek advice
Send your questions to us as we would like to help you?
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If you have a property to rent, sell or lease in Thailand then WRITE TO US as we can advertise for you in our hardcopy news in Chiangmai . BANGKOK REAL ESTATE Please go to : www.bangkokrealty.biz
2009 [ BANGKOK PROPERTY REPORT 1 2 3 4 5 6 7 8 9 10 ] [ LEASING PROPERTY ] [ BUYING GUIDE ][ THAI PROPERTY REPORT ] [ COMPANIES & LOANS FOR PROPERTY ]
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