Should you be buying Property in Thailand ?

[resident]

There are many stories being told of the dreams of buying property in Thailand. Let's be realistic all property purchases in Thailand are risky why ?
Well for one thing you can't own the property and don't say condominiums are exempt for this cause it's not entirely true. At the end of the day it's the land that counts, and the fact is foreigners cannot own the land. So whatever a scrupulous property agent will tell you, (they have a habit of over-dressing this in order to get a sale) you don't have rights to the land in Thailand are we clear on this ?
Secondly, thinking of setting up a company to do a property deal, well that just complicates matters even further. The general consensus is that Thailand is geared up for foreigners to fall flat on their face when it comes to investments. Either though beurocratic and outdated legislation or by the unknown. Unknow could be a lot of things say , you got a 30 year lease and then the leaseholder suddenly dies, what happens then. Or maybe you thought the land was ok, until the true legal owner of the property turned up to claim the land. Maybe some land office official made a deal with either a corrupt solicitor or property agent to fool you in thinking that the land papers were ok. The fact is guys, Thailand is highly corrupt, the law is not on your side, and even if it was to some extent, who is the law to believe, a Farang or a Thai ?
My advise to you out there, is come to Thailand sure, and have a great time, but DON'T DON'T commit yourself and put all you eggs in one basket. Like the saying goes ... a fool and his money are soon parted ! .. and believe me there are many fools out there.

[colin howard]

hi resident , great posting and bursting with common sense , but will any heed your well meant advice?, its a bit difficult when they think with whats between there legs and not there ears , never the less i agree with every word , keep up the good work , colin .

[a watcher]

According to condo act 1992, all land where a condo stands must be owned jointly equally by every unit owner. I owned a condo in sukhumvit and hold title deed issued by the land department (srinakarin road) saying I am one of joint owner of the whole land site.
However, a condo must not be owned more than 40% of foreigners, that is counted by the land department itself whenever a title is transferred. when you deal, employ a criminal lawyor of Thai national and go withhim and register. You can buy a english version of 92 condo act from silom's public attorney office, nearby CP tower and carefully read it by yourself.

I can assure condo has no problem.

[Ian]

Yes agree with everything you say. Thailand has built itself up for a massive fall in it's face.
Watch Warren Buffet re. what he says about Thai investments.

[Leum Laaou]

Bunch of fearful, nationalistic crooks, decades behinds other countries when it comes to common courtesy and reciprocal rights.

[colin howard]

spot on leum, what are they frightened of , surely a farang buying a building size plot of land is no threat to national security , trouble is of course is that far too few have had it far too good for far too long , and see anything and anyone from outside thailand as a threat , this paranoid way of thinking is total nonsense and in my view anti progressive , take my area in issan for instance , this place is screaming out for investment and in my opinion should be a test bed for small housing development ,this could only do good and bring sorely needed money and employment into my vicinity , regards , colin .

[sush]

Guys: I read your all your posts. I am contemplating buying a 50-room motel in Pattaya. In your opinion, should i drop it all together? Or is there a way i could proceed knowing that i wont be able to own the land but my investment could still be secured in some way? I live in India so know how corruption can hurt.

Regards,
Sush

[Jock]

Free hold ownership, condos apart as already explained above is currently a problem and if one wants to have freehold I would strongly recommend waiting until the new Government is elected, as both the PPP and Democratics (the two leading contenders) have said they intend to review the law with a view to making it less complicated regarding freehold. Most Thai politicians appreciate we are operating in a Global Economy, furthermore by Thailand's current laws the Country is being denied valuable investment, which is going to three very keen competitors who are much more open - Vietnam, Laos and Cambodia. The Economy of these three Countries has also been on catch up to Thailand over the last twelve months and if Thailand does not review it's land purchase laws, will be one of the causes for it to be overtaken - the other obvious major issue is Foreign Businesses having to be owned and managed 60% Thai. Thailand is a wonderful Country and in general terms has the kindest people one could wish to meet and I say this from experience of traveling Europe, Africa and the Middle East. The next year or so there is a lot of political manouvering to be done but I hope the politicians remember that they are only the temporary custodians of the administration of a Country and People who could once more be the foremost economy in Asia, apart from India and China of course.

[Ian]

Jock - I don't know that the problems are SO much about freehold as such - more about security of investment.
And for anyone married to a Thai, it is about safeguarding against the scams.
There's this incredible mis-understanding among so many Thais that we want to take over Thailand - we don't.
I could n't careless about owning land in Thailand - but I very much want REALLY SECURE access to my child, and do not want to be turfed out of any house, etc. I buy for that child, or my wife. Currently anyone married to a Thai, has none.

[Aussie John]

This topic on Ex-pat security in Thailand has been written about and disscussed thousands of times over. Yet in the main stream media in Thailand it gets little coverage.
Colin is right about small investment in the Esarn provinces. Why the authorities make the assumption that regulated small investment constitutes loss of soverignty is a falicy as hundreds of thousands of Thai nationals in the West hold the very security many not so wealthy ex-pats in Thailand are seeking but denied. Australians are'nt loosing soverignty by allowing Thais to invest here both in a small and large capacity.
The Thai consulate and Welfare Associations in Australia know all their legal rights when it comes to Australian laws. They go out of their way to help and fight for their nationals here. Why western consulates in Thailand do not work as their Thai conterparts do in the west do is beyond me.
It's a massive contradiction.
It's being said that when western governments ease their visa laws for Thais entering western countries laws in Thailand will change. These visa regulations in Oz are in place so as to stop the thousands of poorer Thais from over staying their visas. Yet here in Sydney thousands of wealthy Thais are having their children apply and receive PR status so as to continue the flow of wealth and influence back home.
How ironic. As getting a student visa with work permit rights here is a hell of alot easier and might I say cheaper than in Thailand. They work the system to the hilt.
Wealthy Thais own thousands of small businesses here in Sydney. They are mostly Thai restaraunts that in most cases only employ Thais. Funny that.!! Could you imagine this happening in the kingdom where western restaraunts cannot be fully owned by ex-pats let alone be worked in.
The free market economy we have here in Australia is not diminishing our culture which is as historically rich as Thailands although many Thais assume we have no culture. We in most cases are viewed as convient ATM nations that are basically stupid. I've heard this stated by Thais here often enough.
Thai owned Buddhist temples are in all capitals of Asutalia but you do'nt hear Australians complaing that Buddhism is a threat to the largest majority Christian community. They are accepted as part of the nation and we welcome the many thousands of Thai monks that arrive here every year to further the Buddhas teachings.
Thailand must acknowledge the fair security it's nationals receive in the west. I know in Australia we do'nt have a xenophobic attitude to aspiring Thais who wish to make Australia home we accept them whole heartedly into our communities, we give them the same liberties we allow ourselves and enjoy. This is the product of an ultraristic, modern growing democracy. We belive in fairness.
Australia is a country of immigrants much the same as Thailand although they would deny this. The major difference is though we have not allowed a small percentage of these immigrants to assume economic and social control over the country. Australia allows all it's residents both PR and citizens the freedom to live with security and prosperity.
Thailand must come clear on it's true motivations for denying honest not so wealthy ex-pats in the kingdom the same freedoms their nationals who live in their hundreds of thousands in the west knowingly aquire for not only themselves but also their families especially their Luuk Krung children who recieve citizenship when born.
We are afterall a soverign nation as well.!