PROPERTY BANGKOK REPORT APRIL 2009:

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.

PROPERTY STILL A GOOD INVESTMENT IN THAILAND?

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 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 only own 49% shares in a company but there are restrictions and rules to this as you must have a business running and audited. The other way is to lease for 30 years with R of R or to use an Usufract or superficies to assist you. We can assist you to make sure your company is safeguarded. Remember if you need advice ask us.

BANGKOK REAL ESTATE IS OK

TOP TEN REALTIES WHAT THEY SAY:

A Frank KNIGHT REALTY FAIR IN BANGKOK LOOKING FOR BUYERS
Bangkok Post Apr 1, 2009

With fewer people visiting property project sites, the real estate agency Knight Frank Chartered (Thailand) Co will hold a property fair featuring seven projects worth 10 billion baht, with a sales target of 900 million baht, said managing director Phanom Kanjanathiemthao.

Many projects offered are ready to transfer within the year, in time for obtaining benefits from government tax incentives.

"In a good market, it is natural that developers just sit and wait for customers visiting the site. But now it's not that time. We can't wait at the sites anymore so we need to serve them at the door," said Mr Phanom. From its recent two property fairs at Siam Paragon, the company found purchasing power remained. During the first quarter, it posted sales of between 180 million and 200 million baht, half of which came from its sales booth at the shopping centre. "They [buyers] just delayed making decisions as they expected teasing promotions or big discounts," said Mr Phanom.

"Many of them thought there would be a sharp decline in property prices but I didn't believe this would happen as development costs have not fallen. Some customers bargained for discounts of up to 15-20% but we could offer only 2-3%."
Of seven projects in the fair, three are not represented by Knight Frank: Supalai Casa Riva, developed by the listed developer Supalai; Park Lane Jomtien Resort and The Star Estate @ Pattanakarn 69. The other four under its sales management are: Boathouse Hua Hin, a 5-billion-baht villa and condominium with 1.5 billion to 1.8 billion baht in properties remaining; Baan Chaan Talay, with 600 million baht remaining; Phuphatara, with 900 million baht remaining; and My Resort, a 1.8-billion-baht condominium with 1.2 billion baht in units remaining. The Taste of Living fair will be held from April 22 to May 3 at Siam Paragon. Campaigns to enhance sales at the fair will include zero installments, free stays, free furnishing and discounts.

In 2009, the company will have only two new projects. They are both condominiums and will be worth a total of 1.8 billion baht. One is located in Si Racha and the other in Bangkok. "We try to tell developers with launch plans this year to better prepare their projects by securing construction permits or environmental assessment approval," said Mr Phanom. "We will also suggest they use more direct marketing. Both developers and property agents this year will be more exhausted."

Beware as its not the first time when foreign Business partners have been cheated by Thai partners. It has happened a lot. Never have a limited Partnership in Thailand and make sure the Lawyer you use is straight and unbiased towards you? Go to www.chiangmailaw.com for any help or www.thaiexpatlaw.com

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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