Property sector calls on government to change visa regulations to stimulate economy

[CraigInBangkok]

Just now, Mr Meeseeks said:

If you worked for them for nine years then why didn't you apply for PR?

I don't want PR, I was just saying that peoples situations are different. Also even if I did want PR, I don't think I would get it as even though I can speak Thai fluently nobody can understand a bloody word I say. Thai with a South London accent does'nt seem to go down too well here

 

[Suradit69]

4 hours ago, Fex Bluse said:

This is effectively a cry from the Thais to the Chinese who are laundering their money outside of China. As the Chinese economy continues to suffer, we will see thousands, maybe tens of thousands of Chinese buying garbage Thai property. 

Probably a lot of western real estate developers who would be happy to sell some of their garbage urban property to the Chinese. The Chinese seem to be faring relatively well.

 

Quote

 

China's economy continues to bounce back from virus slump

 

https://www.bbc.com/news/business-54594877

 

 

 

 

Edited October 26, 2020 by Suradit69

[Moon6966]

They keep finding stupid ideas that nobody will go for a mean while December is coming soon season will pass with no tourists a the situation will get even more worse 

Unless they finally find way to let people easy. A then tourists will come. It's only 1 months till December a they still got nothing to attract the tourists 

Besides that redicilos STV visa 

[moontang]

They could just about justifying opening up to China only, without ASQ,and that would solve a lot of their economic problems in tourism and real estate..which would help banking and finance.  Not what I would consider a happy ending, but they might as well admit that is the easiest light switch to hit.

[StevieAus]

4 hours ago, Fex Bluse said:

This is effectively a cry from the Thais to the Chinese who are laundering their money outside of China. As the Chinese economy continues to suffer, we will see thousands, maybe tens of thousands of Chinese buying garbage Thai property. 

I thought the Chinese government had clamped down on the ability to take money out of the country.

I recall reading about it creating problems in Australia particularly Sydney where potential Chinese buyers were unable to complete the purchase of apartments for the above reason.

[StevieAus]

23 minutes ago, CraigInBangkok said:

I don't want PR, I was just saying that peoples situations are different. Also even if I did want PR, I don't think I would get it as even though I can speak Thai fluently nobody can understand a bloody word I say. Thai with a South London accent does'nt seem to go down too well here

 

Imagine what it would sound like if you were from Birmingham, Yorkshire or Glasgow just to mention a few places !

[dougiemac52]

I was thinking seriously about investing in property in Thailand up until last week. Currently in an ASQ hotel. For the money I paid for the privilege, the food is common, the fruit you get on a daily basis never changes. The hotel say they change the menu every 2 days. They do but just the same as it was 2 days before ????

The attitude of the hotel staff is very condescending, they think they are in charge. And the rooms are cleaned every 3 days although I have managed to get it down to 2. 

All the hot meals are cool. 

So I will find somewhere else that may appreciate me as a human being

[Redline]

Clueless lot they are

[kingofthemountain]

5 hours ago, ExpatOilWorker said:

After 5 years, then what?

Rinse and repeat

as usual

[EricTh]

Just another proposal. It would be great if they can let foreigners own the land in Thailand.

[GlassWayOverHalfFull]

5 hours ago, Pravda said:

Why is the same condo in Thai name 5 million and foreign name 7 million? 

 

I thought there is no dual pricing on condos. This is directly from developer. 

You understand zero? Most ridiculous question of the day

 

[GlassWayOverHalfFull]

23 minutes ago, dougiemac52 said:

I was thinking seriously about investing in property in Thailand up until last week. Currently in an ASQ hotel. For the money I paid for the privilege, the food is common, the fruit you get on a daily basis never changes. The hotel say they change the menu every 2 days. They do but just the same as it was 2 days before ????

The attitude of the hotel staff is very condescending, they think they are in charge. And the rooms are cleaned every 3 days although I have managed to get it down to 2. 

All the hot meals are cool. 

So I will find somewhere else that may appreciate me as a human being

Yes I make all my investment decisions based on ASQ also. I believe Warren Buffett has the same mantra 

[Dialemco]

The good times are over. Best wait for prices to drop but let's face it buying property in Thailand is not an investment but paying rent up front as well as maintenance expenses. If you want investment best look elsewhere.

[kingofthemountain]

23 minutes ago, EricTh said:

Just another proposal. It would be great if they can let foreigners own the land in Thailand.

If it was allowed.almost all the land in Thailand will be already owned by the chinese

they have the numbers. they have the money and they are ready to come in mass

[Pattaya Spotter]

3 hours ago, biggles45 said:

With their treatment of Elite visa holders the Thai Govt have, once again, shown themselves to be completely untrustworthy. Which foreigner would believe any promises they make? 

Even "elite visa" holders don't get to jetset around the world during a pandemic without consequences. The visa allows 5 years in Thailand...not bringing Covid-19 into the country. 

[Pattaya Spotter]

3 hours ago, Destiny1990 said:

In last years visa procedures have only become more complicated and so the majority of foreigners have already left to more welcoming places. Instead of easing visas just stop to build condos ????.

For people who don't qualify and have to do workarounds, yes.

[onebir]

1 hour ago, CraigInBangkok said:

even though I can speak Thai fluently nobody can understand a bloody word I say.

I thought I could speak Chinese fluently once ????

[smudger1951]

6 hours ago, holy cow cm said:

Let's just wait and see how much of the Condo sector those Chinese proxies just allowed in and then the next ones to come will buy up. I just wish that the USA would not allow any  retired Thais back into the USA and not allow them to buy property as well. TFT. Tit For Tat.

I have to agree 100 %. Whereas we face restrictions in Thailand here in UK any foreigner can buy property or a football club. 

[OnTheRun]

34 minutes ago, kingofthemountain said:

If it was allowed.almost all the land in Thailand will be already owned by the chinese

they have the numbers. they have the money and they are ready to come in mass

The Chinese took over Thailand over 100 years ago.

[Destiny1990]

36 minutes ago, kingofthemountain said:

If it was allowed.almost all the land in Thailand will be already owned by the chinese

they have the numbers. they have the money and they are ready to come in mass

Set a maximum of one rai of land per foreigner. That would boost their housing market. But these folks had 6 years to change update their property laws and did do nothing at all except killing the property market further  ????

[newnative]

7 hours ago, NCC1701A said:

the fastest way to fix the Thai real estate market especially the condo market is to give a five year visa to anyone who buys a condo over one million baht. BUT NOOOOOOOO.

Right!  Just keep it simple!  They need to get on the stick and get some programs going.  Easy programs that will be attractive to many rather than the few.  Too darn slow with everything they do and they always make it way too complicated.  

[LivinLOS]

7 hours ago, ExpatOilWorker said:

After 5 years, then what?

 

 

Condo maintenance fund will be drained by then anyway.. 

[moontang]

19 minutes ago, Destiny1990 said:

Set a maximum of one rai of land per foreigner. That would boost their housing market. But these folks had 6 years to change update their property laws and did do nothing at all except killing the property market further  ????

Even 20-50 wah for a townhouse or bungalow would be a game changer.  

[BritManToo]

46 minutes ago, Pattaya Spotter said:

For people who don't qualify and have to do workarounds, yes.

I used to live here on a 1 year ME Non-O.

Now I live here on a 1 year family extension.

 

I didn't have to do the 'workaround', I preferred the Non-O

[BritManToo]

36 minutes ago, smudger1951 said:

I have to agree 100 %. Whereas we face restrictions in Thailand here in UK any foreigner can buy property or a football club. 

I think the Thais have it right.

Home countries should be 100% owned by their citizens.

[newnative]

6 hours ago, Nobbie49 said:

A 1 million condo will get you a 20 m2 corrugated iron shack.  And you demand a 5 year visa based on that?  Delusional at best.

   Missing the point.  The 1MB deal garners the publicity.  It doesn't mean everyone will buy a condo for 1MB--I certainly won't.  I'll buy something that more suits my needs; as will likely others.  It's basic retail.  You advertise a great sale price on merchandise to get the customer in the store and then they usually end up buying something else they find in the store that they like better.  And, if they get a 5 year visa, hopefully many will stick around for 5 years--or another 5 if it's renewable--and spend their money in Thailand, rather than some place else, helping the local economy. 

     I, myself, would give everyone who buys or has already bought a condo a 10 year visa--and a big thank you for choosing Thailand.  But, few think-outside-the-box types in high positions in Thailand.  If there is a worry about too many foreigners taking the deal, put a limit of 2 years on it and see how it goes.  Just get something started already.  

[riverhigh]

5 hours ago, spidermike007 said:

No question the property market is in bad shape. And few in a position of authority are facing the music. Courageous of BAM chairman Bunyong Visatemongkolchai to state the truth. The pain will be felt for many years to come. I anticipate condo prices to drop by half. A friend of mine recently moved to Pattaya. He looked at condos in Jomtien. He walked into one of the nicest towers, looked at a 36th floor unit with panoramic views, and when he was quoted 26,000 a month, he offered 10,000. Though the agent was either shocked, or pretended to be shocked, they settled on 13,000. He said the agent more or less admitted the building was nearly empty, and they could not rent or sell anything, at this time. 
 
Demand is way down. The Chinese market is nearly gone, Russians and others are very hesitant to commit. And the long term tourists are gone too. So, who does that leave? Wealthy Thais, many of whom see the market collapsing, and would rather wait and see how all of this shakes out, and ex-pats with cash, many of whom are smart enough to be shopping for bargains right now. 

 

Anyone interested in buying a condo right now, would be better off waiting awhile. Timing is on your side. Time is now your ally. The economy is going remain devastated here, for a very long time to come. And the longer this goes on, the more people are going to be affected by it, and the more desperate some will become. For the wealthy it barely matters. But, there are many middle class people who have money invested, and there are alot of Chinese and Russians who bought, and cannot even visit Thailand. Some of them will want to unload their properties. Wait. The condo market is severely overbuilt. And demand is low, for all but the top buildings, in the best locations. For condos and houses in the suburbs, and the smaller cities, the market is very soft. 

re: "ex-pats with cash, many of whom are smart enough to be shopping for bargains right now." 

Most of my American Expat friends with cash are happy to be in Thailand, considering the problems back home. As to buying a condo for the first time or buying an additional condo, this couldn't be further from their minds. Some of them who have been here many years were unable to renew their visas legally because of the medical insurance requirement that sprung out of nowhere.  The 40,000 baht out patient requirement is ridiculous (befoe the requirement most of the insurance polisies didn't have it). The Thai government could have grandfather claused the medical requirement but they didn't . My American friends  were furious and inwardly upset as they had the money to self insure. You can say they should have taken out insurance when they could have,  but that's not going to help thailand with thier property crisis. Just a reminder, during the 1997 financial  crisis in Thailand they changed the rule to 100% foreign ownership for certain buildings in Pattaya. 15 years later they reneged on their promise and forced some foreigners to sell to Thais at a loss. Spidermike007, while I agree with most of your recommendations you have made in previous posts, I think you have ommitted the "trust" factor. Without political stability, ease of doing business for forigners and, more importantly the "trust" factor. there is little hope for Thailand solving their propery crisis. As a reaonabley well off expat myself I will be investing elsewhere, bargains exist all around the world now if you are prepared to take a risk. I too, like many other expats, are on the worthless one year temporary visa more commonly misnamed the OA retiring visa. For me to even consider investing in Thailand I need the PR. Due to my age I am not prepared to get a job, work three years, pay taxes and then fork out 200,000 baht, plus another 150,000 baht in special fees , to get the stamp. Based on their previous record of trust worthyness there is no guarnatee that when my passport is due for renewal that my PR stamp will be transferred to my new passport. The above is just my opinons.

[holy cow cm]

3 hours ago, Mr Meeseeks said:

 

By going on the offensive you have completely missed the point about more affluent foreign men exploiting poor local women which is the main concern of the authorities here.

 

The opposite rarely happens thus foreign women marrying Thai men is not of a similar concern.

 

You may think the stigma is disappearing but as Thailand is a very conservative country under the surface, older Westerners marrying young Thai women especially those of questionably repute will never be socially acceptable to the vast majority of Thais.

 

PR is fairly easy if you are determined enough. Get a job, pay taxes for three years, learn to speak Thai and then apply for permanent residency. It's not rocket science.

Seriously? this is far and beyond when wanting to stay here rather than abroad. You have India for their businesses and then you have the South Africans for their drug trade exploiting the marriage scene. If anything else it is low key and the IO's will get it or should unless they are paid off. 

[whitfield]

How about allowing foreigners to own the land?  There's an original idea.

[TERMINATOR3AB]

1 million   and  20 m2 tin shack  condo  Really 

I  think you rich ex pats  know nothing about the real Thailand 

My  wife   paid  120,000  baht  for  a  slightly run down unlived in condo  25  minutes  from Bangkok  80  Sq Ms

Ok  it  needed  a new  bathroom  smalll  kitchen   new  paint  new  windows  and doors  new floor Tiles  

some  re wiring  and  new Air/Con

Now looks  beautiful is in a nice little  Condo  complex  lovely  freindly  locals 

Using all  local  labour  and materials total  renovation  cost   100,000  Baht  add  all new furnishings 40,000  baht ...bed..  Internet  TV  white goods 

Finished  ....

Recently  Paid  the  transfer  title   tax  and the Condo  was  valued at only 280,000   baht Only

So  you and your  1  million baht tin 20ms  shack Condo  ..mate you  got scammed  ...hahahaha

Good  Luck Thailand