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Crackdown on Phuket condo owners confirmed


webfact

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This is another nail in the coffin of the Thai property market. Most people who buy condos in Phuket buy for investment purposes if you are not allowed to rent them out why would you buy. Lets face it 90 percent of condo owners are farang so its just another slap on the face for farangs.

"90% of condo owners are Farangs"

Impossible otherwise 90% of most condo buildings would mathematically be owned by farangs, the law does not allow it

please read the other threads then you will understand exactly how this is not only possible but factual with regards to Phuket tourist areas maybe not so much in Phuket town

Sorry, not correct. Your statement is far from factual.

While I agree it's a little far fetched, it's not hard to imagine a project where 49% of the condos are foreign owned and the 51% reserved for Thais are either not sold at all, or owned by Thai shell companies to make it possible to sell the 49% to foreigners.

Or perhaps a tiny portion of the Thai reserved units are sold to Thai owner-occupants, making it a 90/10 mix.

So while the statement may not be factual (I have no clue what the real numbers are), it's not an impossibility.

Edit: BTW, I don't know how the numbers shake out in Thailand, but in China, the developer only has to sell about 1/3 of the units to break even. So they can take their dear, sweet time selling the rest. Doesn't bode well for maintenance, though, when only 1/3 of the units are paying the maintenance fees.

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This is another nail in the coffin of the Thai property market. Most people who buy condos in Phuket buy for investment purposes if you are not allowed to rent them out why would you buy. Lets face it 90 percent of condo owners are farang so its just another slap on the face for farangs.
"90% of condo owners are Farangs"

Impossible otherwise 90% of most condo buildings would mathematically be owned by farangs, the law does not allow it

please read the other threads then you will understand exactly how this is not only possible but factual with regards to Phuket tourist areas maybe not so much in Phuket town

Sorry, not correct. Your statement is far from factual.

While I agree it's a little far fetched, it's not hard to imagine a project where 49% of the condos are foreign owned and the 51% reserved for Thais are either not sold at all, or owned by Thai shell companies to make it possible to sell the 49% to foreigners.

Or perhaps a tiny portion of the Thai reserved units are sold to Thai owner-occupants, making it a 90/10 mix.

So while the statement may not be factual (I have no clue what the real numbers are), it's not an impossibility.

Edit: BTW, I don't know how the numbers shake out in Thailand, but in China, the developer only has to sell about 1/3 of the units to break even. So they can take their dear, sweet time selling the rest. Doesn't bode well for maintenance, though, when only 1/3 of the units are paying the maintenance fees.

it should also be mentioned that many developers built properties as apartments rather than condos because of building regs plus sales ratios. This technically means that the building and land is Thai owned (Thai entity controlled by foreigners) and leased to foreigners in many cases 100% these are also being targeted for nominee shareholders etc. Whatever the situation is it does not look good for investors/ owners in the long term
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I wonder if this law will be selectively enforced

No need to wonder. I give you a 100% guarantee that this law will only be enforced upon Thais with no connections/farang.

It's an assassination attempt on AirBnB in Phuket. They were taking away too much money from the Thai hotel owners

Like the Chomsky quote! Wrote my thesis in syntax...

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I could see how you could register a single property such as a guesthouse as a hotel but I can't see how you could do that with a condo room as it is already registered at the Land Office as a condominium.

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This is the smile of " now we're going to screw you well and proper farangs " on this man's face.....

Ever think its a 'now we can enforce the law' face. Funny how any time the authorities actually try to do something they are automatically farang bashing.

The fact these farang are BREAKING THE LAW never seems to come into these xenophobic comments.

I do not want the screaming kids downstairs who are here for a week disturbing the peace in my (long term) and LEGALLY rented condo.

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Our condo in Bangkok has posters in all the lifts showing police arresting a landlord for short term rental. They are absolutely serious about pushing this Thailand wide and it makes me happy biggrin.png

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This is the smile of " now we're going to screw you well and proper farangs " on this man's face.....

I was thinking exactly the same, and tought by myself, I have to sign in to give you a thump up.

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Been going on for years. Wonder why the crackdown now?

“Phuket officially has about 50,000 hotel rooms but we know that there are in fact close to 100,000 rooms in the province that are being operated like hotels through rentals on a daily basis,” said the vice governor.

Perhaps the officials are attempting to reconcile the ToT Chinese tourist numbers with those actually registered and spending money on the island. "We have been told that the actual spending by our Chinese visitors is not up to the levels we have projected, please determine reasons for this error."

Same old Same Same and of course the local Farangs will provide very good scapegoats.

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I wonder if this law will be selectively enforced

No need to wonder. I give you a 100% guarantee that this law will only be enforced upon Thais with no connections/farang.

It's an assassination attempt on AirBnB in Phuket. They were taking away too much money from the Thai hotel owners.

Yup this is getting at airb&b but if you have a house how can it be a hotel Thais are never satisfied always want money one way or another this really boils my pizz ??????

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This comes up every other year. Next will be that farangs who purhased a home with a thai company will lose them. Then all the guys who cant afford to buy one will write I would never buy a house here. Followed by zillions of questions by guys wanting info on setting up Thai companies to buy a house.......The never ending cycles.

And you know why??

Because they don't like the faranfgs, only the money they love "Mak Maak"

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As a former owner of a condo in Pattaya I can understand the governments standing on this:

1. Registering all aliens with immigration, (cracking down on over stayers).

2. cracking down on businesses that do not pay tax.

My thoughts on this:

Can it be a managing company that registers the condo as a hotel? many owners who or letting out on a daily basis are using a agent to get them customers and manage the unit for them.

Could the Condominium manage the registration of guests? not only a service to co-owners but by registering all guests they can tighten security.

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How about time sharing, maybe it is also a way of renting out?

Good point. It depends if the owners names are all on the condo deeds. if not then then would need to stay for a month or more

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