Thailand Property Report/News
Shipping Household & Clearing agent
English/Thai Law Office
REAL ESTATE NEWS BULLETINS
2008 Sept. Please remember the articles we publish some are written by Property Managers/ Companies who inflate the situation in Thailand for there own gain. eg Pattaya property when you see the numbers of foreign realtors have inflated the property market to overheating. Thanks to the Thai Govt they have made the best decision to curb foriegn ownership in land as it is these foreigners who inflate the property markets for self gain.
It is a good time to buy property in Thailand IF YOU HAVE EXPENDABLE CAPITAL ONLY. Bangkok Bank will lend only to elligilble business owners & property prices are now dropping due to the insecurity of the present economic situation; the US sub prime which hasn't really kicked in in Thailand as yet. This will mean even better bargains as people need to service loans and interest rates are climbing around 7.5% now. Not only this the cost of oil, fares, food to utilies is also climbing so its a buyers market or will be for foreigners who have that cash to buy. However only if you have the spare cash OK but don't look at condos as a cash earning venture unless you get a bargain from an outgoing expat etc. The worse hightmare will be the Management themselves in Thailand as many condo complexes have bad management and sinking funds are not used appropriately. Don't allow Estate managers to hold your titles as they change the circumstances not to your benefit anytime as well as use your titles for further collateral. When buying check out and talk to other owners in the building and especially about maintenance & other projects the owner has. He/she may have over committed?? on new developments and once you pay deposit theres no comeback. Thailand SET index has also been dropping as foreign investment is tending to shift to other countries but we have yet to see any major upheavals.
WE HAVE UP TO DATE NEWS ABOUT LAND ISSUES AND PROPERTY ISSUES IN THAILANDCB Richard Ellis Thailand urges property buyers not to panic
The Thai branch of international real-estate and property-investment firm CB Richard Ellis has urged foreign property owners and prospective buyers of Thai real estate not to panic or abandon their interest because of proposed changes to the Foreign Business Act.
It says they should focus on foreign quotas for condominium ownership and leasehold properties developed by well-known and established companies.CB Richard Ellis Thailand managing director Aliwassa Pathnadabutr said the proposed changes might affect large foreign investments in property projects and the construction industry but not private investment in a second home in Thailand.The company has looked carefully at the "real effect" of the government's proposals in conjunction with major law firms and has considered the psychological affects and the perceptions of both foreign businesses in Thailand and foreign purchasers of Thai property, she said.The danger of the proposals is that they might be seen as a rejection of foreign investment, with large potential losses for both the real-estate and the construction sectors of the economy. They might also be viewed as poor public relations on the part of Thailand internationally.Aliwassa said her company's first piece of advice to all clients is that the proposals are not yet law.Second, a detailed reading of the proposals shows them not to be as harsh as the headlines have presented them. Most businesses that will be redefined as foreign will be largely unaffected and allowed to continue, with time to amend their structure if necessary.Therefore, she said, most office tenants should not be affected, although demand from incoming tenants might well be reduced.
The Nation Jan 16th 2007
Central bank to relax rules on foreign loans for real investment
Procedures for non-resident accounts to be decided today DARANA CHUDASRI Local bank executives will meet today to finalise operating procedures for handling foreign capital inflows into non-resident baht accounts (NRBA).
Bordin Unakul, the chairman of the Custodian Club and a senior executive at Bangkok Bank, said custodians would begin opening NRBAs for offshore clients this week. Local custodians want to ensure that operating procedures meet a single standard, particularly in terms of how NRBAs and special non-resident securities accounts (SNS) are handled. "The Custodian Club wants to make sure everyone is using the same procedures, with no exceptions or case-by-case waivers," Mr Bordin said. "We will comply with the principles set out by the Bank of Thailand. Funds can only be transferred from SNS accounts to NRBAs." Custodians agreed to establish dedicated accounts to track foreign inflows in a compromise worked out with the central bank last month to accommodate investment into the equity market. Funds held in NRBAs will be subject to the 30% reserve rule announced by the central bank on Dec 18 last year, while SNS funds will be exempt. Both accounts will be capped at 300 million baht. Many banks and custodians began setting up SNS accounts for overseas clients last week. The central bank plans to monitor fund flows to both account types on a regular basis to ensure full compliance with the 30% reserve rule, which was imposed to deter speculation on the baht. Mr Bordin said Bangkok Bank had already set up SNS accounts for around one-third of its foreign clients. Under the Dec 18 rule, foreign inflows into the fixed-income market are required to set aside a 30% deposit held interest-free at the central bank. The deposit will be refunded after one year, with shorter-term investments subject to a 10% penalty. Investments in listed securities, property and foreign direct investment are exempted from the reserve rule.
Return to Don Muang is common sense
The news that Don Muang airport will reopen for non-connecting flights represents yet another common-sense decision by the present government. Complaints by Iata that this will prevent Bangkok from becoming a regional air hub should be taken with a pinch of salt. Look at London (Heathrow, Gatwick and Stansted) and New York (Kennedy, LaGuardia and Newark). The belated rail link to Suvarnabhumi will run to Makkasan which, as a rail centre itself for many years, can surely be connected to Don Muang if necessary. The shortage of passenger space in the vast Suvarnabhumi airport could be eased by replacing many of the King Power Duty Free shops with passenger facilities. The present difficulties of Suvarnabhumi spring directly from decisions by the last government. As investigations continue into the financial dealings of its leader, his family and his cronies, an old saying is brought to mind: "Too many crooks spoil the broth."
Monday January 29, 2007
HOUSES FOR SALE: click on & view
NB: The Thailand Real Estate Industry is unregulated & you should only use Realty Companies who are members of the Thailand Real Estate Broker Association. If you are not sure please ask the Realty Company you are dealing with what their REBA number is & if a foreigner, does he she possess a work permit ( blue book to view ). The Realty ID card should be a number like ours: 4601-175-001. On this card yellow baked green typed card will be a start date and expiry date with photo of the Realty person. You are warned that using unregistered Realty Companies you may have little or no comeback. Companies registered with the Broker Association must uphold & maintain certain standards & etiquite. Play it safe and you will not lose.
Copyright © 2001 Asia Realty & Asia Trading Post Co Ltd