Thailand now good safe deal or not.

[looking for advise]

I am now buying a fabulous new apartment in the latest new tallest Residential building in the World to be built in Thailand Jomtien Bay very soon.

I was told by friends after selling my home in Spain Thailand is the new Spain, but with many western Property developers opening up in Thailand now to bring western standards to Thailand this 91 Trump Towers type building is going to be a sell out if all goes well. fabulous Properties from GBP 60,000 you wont believe.

I have been informed by the Property company advising me who could not be more helpful
www/hotprestigeproperties.com that the Bank lending the builders half the money have worked out the properties will more then doubling with in the building period, so speculators are snapping up apartments, but with any problems Thailand is having they always seem to over come them, I feel Im making a good Investment and the other people I've spoken do also. I feel so safe there were can you walk at 3am in dark alley ways and feel secure.

Has any one any positive advice for us potential buyers visiting this resonably safe area of the World.

 

[massagelondon]

holiday home rent Bangkok vacation house rental thai property homes accommodation hom

Jomtien is an international holiday resort with package tourists all over the place and not a residential area.

It's close to seady Pattaya and security is poor (no cctv cameras around). Every night somebody is robbed or mugged on the beach, same goes for the other parts of Jomtien.

60k is not much for you - but for many it's a lot of money which they don't have and have to take mortgage.

if you are really for value try to get property in a place far away from tourist business and away from a high concentration of foreigners - be sure you will be overpaying.

you can own property only in condominiums - property developed for foreigners. If you don't have your own thai company you can't buy any other property.

on top of it - property in thailand is now overpriced, wait for sometimes before you leap into spending your live savings.

if you really want to be in Jomtien - rent.

 

[catalogguy]

You can?!

I thought Thailand had very tight restrictions on foreigners owning property?

 

[John]

I thought Thailand had very tight restrictions on foreigners owning property?

Yes, as was stated above by messagelondon, there are tight restrictions in place but there are rumours of the situation changing.

At the moment, I think can developers can only sell 40% of the units in any development to foreigners.

There are methods that foreigners use in cases other than this such as forming a company or taking a long (60 years+) lease. The company must have a majority of local shareholders not like in other areas where foreigners can own 100% of a company with the company still receiving the same rights as a "local". The hassles involved in that would most certainly turn me off the place but I guess others would see it as worth the hassle for the bargains on offer.

Apart from these complications, for some Thailand is certainly worth a second look, but it's never going to be the next Spain!

 

[catalogguy]

I have seen structures where the title to all units is held in 1 corp and the property buyers receive a share in the corp which comes with rights to use the unit. Gets around a few issues such as real estate transfer taxes at resale, etc. If there is a Thai investor or group that wants to hold units as rentals, perhaps the foreign owner ratio could be upheld. Interesting but sounds a bit dicey!