Jump to content

Crackdown on Phuket condo owners confirmed


webfact

Recommended Posts

  • Replies 154
  • Created
  • Last Reply

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.

To be fair they obviously haven't done their due diligence then. The market is over saturated, overpriced and the second hand property market is sluggish to say the least. I know properties that have fallen into disrepair having been on the market for 5 or more years.

2 week millionaires conned by the chick in the miniskirt dribbling all over them and distracting them from the actual costs and returns deserve all they get in my opinion. It's buyer beware. If people are foolish enough to buy into it it serves them right- it comes back to what I said in the closed thread- 'would you do this at home'?

Most of the condos in my property that have changed hands either went for below what people paid for them or at cost.

"We will rent out your property and guarantee 'x' return"- its all complete BS. People barely break even due to the lack of demand and the money being eaten up by CAM fees, taxes, management fees, etc.

Phuket as an investment? Maybe 20-30 years ago but not now. Works for me though as there are cheap rents everywhere.

Maybe some of them needed a slap for plunging into something they had no clue about.

Standing by for incoming!

Link to post
Share on other sites

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

time share is illegal in Thailand in patong I think there is only one active company left which is Thai owned the rest have either been put out of business or keeping a low profile
Link to post
Share on other sites

A solid potion of owners would be British and with the collapse of the pound they were doing well on exchange getting paid in Baht. What a nightmare it would be for them now..Not only is there going to be a flood of rental properties hitting the Phuket market but the further downside is... who the hell would want them?sad.png

Link to post
Share on other sites

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

time share is illegal in Thailand in patong I think there is only one active company left which is Thai owned the rest have either been put out of business or keeping a low profile

Marriott, Anantara and others do timeshare.

It is not timeshare in itself that is illegal, but the way it was sold. However enforcement is still not very active.

Link to post
Share on other sites

<snip>

Phuket as an investment? Maybe 20-30 years ago but not now. Works for me though as there are cheap rents everywhere.

I agree. We were lucky enough to buy land and build homes 18 years ago. Returns were very good with full occupancy. After our last build 10 years ago we had the land bought for the next project but even back then I could see the writing on the wall and cancelled the project. Now invest profits outside Thailand.

Link to post
Share on other sites

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.

To be fair they obviously haven't done their due diligence then. The market is over saturated, overpriced and the second hand property market is sluggish to say the least. I know properties that have fallen into disrepair having been on the market for 5 or more years.

2 week millionaires conned by the chick in the miniskirt dribbling all over them and distracting them from the actual costs and returns deserve all they get in my opinion. It's buyer beware. If people are foolish enough to buy into it it serves them right- it comes back to what I said in the closed thread- 'would you do this at home'?

Most of the condos in my property that have changed hands either went for below what people paid for them or at cost.

"We will rent out your property and guarantee 'x' return"- its all complete BS. People barely break even due to the lack of demand and the money being eaten up by CAM fees, taxes, management fees, etc.

Phuket as an investment? Maybe 20-30 years ago but not now. Works for me though as there are cheap rents everywhere.

Maybe some of them needed a slap for plunging into something they had no clue about.

Standing by for incoming!

years ago the market was better plus exchange rates were much more in favour of the buyer that has changed however selling at cost or slightly under may give the buyey a small profit if they are repatriating funds to there home currency depending on when they bought. Can the developers who promised these returns now achieve them they may have had good intentions but I am sure these returns were in many cases based on holiday lets and having a stable government non military also the world economy as a whole. Maybe a case for force majeure in some cases at least. Not saying that there are some unscrupulous developers out there.
Link to post
Share on other sites

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

Good job I say. Hotels are hotels. Condos are residences! If you want that sort of S#!t, go and live as a proper guest in a hotel where you can check out if you don't like it or complain to the management who DO care about the condition of their room.

How would you like to have a condo next to those ones in Bangkok where they were renting out to how many ?? 15 or 20 was it?? Arabs sleeping in shifts. A hotel would not accept that but a condo manager will take the daily rate and pass some of the money onto the owner (if he is lucky) and to hell with the room condition or other owners/neighbours.

Link to post
Share on other sites

Crackdown or shakedown his smile tells it all. Another tourist killing crime solved way to go. Surely there must be more serious crime out there that these KC could chase. Amazing Thailand

Link to post
Share on other sites

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.

You can still rent out a condo monthly, just not daily.

Given that farang cannot own more than 49% of any condo block, Not sure were the 90% comes from.

You need to check the legality of that as you can rent for a monthly rate but you cannot rent for only a month it must be a minimum term of 1 year.

Link to post
Share on other sites

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.

You can still rent out a condo monthly, just not daily.

Given that farang cannot own more than 49% of any condo block, Not sure were the 90% comes from.

You need to check the legality of that as you can rent for a monthly rate but you cannot rent for only a month it must be a minimum term of 1 year.

Care to post a link to this fantasy?

Link to post
Share on other sites

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

Many wrongs have been going on for years and even decades that past elected governments did not fix.

But this government has started fixing issues since two years ago.

Aren't you a little old to be trolling on the internet like a teenager?

Some would always be hurt by the truth...

Some would indeed, but that his little to do with your post.

This is a local matter as it is rolled out in Phuket only at the moment.

It is therefore safe to say that the decision has been made by the local Phuket municipality under pressure of the Thai Hotels Association Southern Chapter.

You are trying to tie this to the change of central government which happened 2 years ago, but there is no suggestion this change in policy is related to that in any way.

Did the order to do this come from Bangkok? If so, show me where that is stated.

Is this related to the mouth service the central government is giving to "anti-corruption"? If so, show me the link and explain to me why it is happening after 2 years and not sooner.

In short you are just trying to get a rise out of posters by linking this to the general political conflict in Thailand.

This can be done easily with every news item; if its positive you remarks that "previous electeed governments" didn't do that, and every negative news item you can say: "its the mess from the previous government" or "the previous government wasted 500 billion on the rice scheme and did other stupid things".

It has therefore little to do with the "truth" you proclaim to tell, and is just some pathetic level of trolling that is basically a waste of time for everybody.

So was the special forms for foreigners issued by Immigration. Started in Phuket, but...

And it will come to pass...

Link to post
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...