Category Archives: Thailand
Thailand – Confidence in condos
Confidence in condos
Tony Liaw
Thursday, June 13, 2013
http://www.thestandard.com.hk/news_detail.asp?we_cat=16&art_id=134530&sid=39804827&con_type=3&d_str=&fc=7
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Among southeast Asian nations, Thailand seems unable to attract a lot of foreign investors to its property market. And it’s probably due to some myths about Thai taxation, said Apichart Chutrakul, chief executive of property developer Sansiri.
Foreigners are technically prohibited from owing land in Thailand under their own names, he said.
“However, under the Condominium Act, 49 percent of the liveable square meterage of a condominium building can be owned by foreigners,” Apichart said.
“This enables people to purchase condominium units under their own name, without having to resort to registering a company in Thailand.”
And Sansiri, which specializes in selling condominiums, is eyeing overseas buyers.
“We have a solid marketing plan to increase the portion of foreign condo buyers from 3 percent to 10 percent within the next three to five years,” Apichart said.
In fact, Bangkok has seen its condo market grow rapidly over the past 25 years.
In 1998, the Thai capital had less than 10,000 units, currently there are more than 350,000 units, data by CB Richard Ellis show.
Prices have also gone up, rising to 23,225 (HK$5,822) baht per square foot from 3,250 baht psf 20 years ago.
Sansiri expects the stable demand for residential units to continue, particularly in the up-country market and holiday destinations such as Phuket, Pattaya and Chiang Mai.
“We expect a 14 percent increase in presales – from 42 billion baht in 2012 to 28 billion baht this year – as
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a result of the expansion of the mass transit system, growing consumer confidence and a rising pace of urbanization amidst a low interest rate environment,” Apichart said.
He added that the condo segment has long-term market potential.
At the same time, Thailand’s central bank is staying alert over the possibility of an asset bubble, warning that any breakdown would badly hamper the already slow recovery from the global financial crisis.
“We need to be cautious and monitor the situation very closely, and prepare measures to cope with any possible problem,” Songtham Pinto, director of the Bank of Thailand’s macroeconomy division, told a property seminar recently.
But developers are taking a different view as large firms have dominated Thailand’s housing market and are capable of responding to risks in a timely manner.
The sector also warned that wrong measures – usually targeting short-term speculators – could greatly affect buyers.
As one of the largest developers, Sansiri is kicking off a roadshow for its latest project this weekend.
It is offering 206 residential units, with sizes of 640 to 2,830 sq ft, at its beachfront condo project Baan Mai Khao, Phuket. Prices range between HK$1.75 million and HK$13.25 million. The roadshow runs on Saturday and Sunday in Hong Kong, and July 6 and 7 in Singapore.
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Asian Property Markets Starts To Cool
Asian Property Markets Starts To Cool
News Posted On: 13 June 2013
http://www.property-abroad.com/thailand/news-story/asian-property-markets-starts-to-cool-19317724/
Asia has seen it’s housing markets continuing to accelerate ahead of the becalmed European scene, but the rate of that acceleration has slowed as cooling measures take effect. Global research and real estate consulting firm CB Richard Ellis released a report showing that among 13 of Asia’s major cities, nine saw only modest price rises of between 0.7% and 3%.
Price growth was led by New Delhi and Mumbai, which saw gains of between 2% and 4% quarter on quarter, an effect attributed to tightening supply, while other strong performers included Manila in the Phillipines and Kuala Lumpur. Mild price growth was recorded in Beijing, Shanghai, Guangzhou and Shenzen.
In Bangkok, prices fell by 0.5% but this follows several quarters of steady increases and CBRE points out that the statistical impression of the market was distorted by a number of specific transactions. Outside of these, many projects in Bangkok are still seeing rising prices, again attributable to short supply.
Sales volumes, however, are declining across the region. Transaction numbers fell in Beijing, Shanghai, Guangzhou and Shenzen, and CBRE attributes these results to measures introduced by the Chinese government to cool the markets in these cities. Hong Kong and Singapore have introduced measures to cool their own markets, primarily in the form of increased stamp duty, and sales volume has slowed here too.
CBRE says concerns remain about the high cost of residential property in many markets. While the demand from end users and long term investors is expected to remain firm, cooling measures introduced in many of Asia’s markets have already begun to dampen buyer demand.
‘Overall house prices are set to hold steady or ease slightly over the next few quarters. The risk of rising inflation means authorities are likely to keep cooling policies in place or to introduce additional controls should prices continue to surge,’ CBRE states in its report. The company further expects that, as a result of regulatory cooling measures, ‘buyers will take longer to negotiate and conclude deals and are likely to become more selective in terms of the assets they acquire.’
This more cautious outlook from buyers has had some local benefits to the rental market. The CBRE Luxury Residential Rental index increased by 0.2% quarter-on-quarter in the first three months of 2013, compared to a 0.7% decline in the fourth quarter of 2012. Rents increased by between 0.5% and 1.8% in Beijing, Shenzen, Bangkok and Kuala Lumpur but were flat in Singapore and New Delhi.
The luxury residential market is expected to be subdued for some time in the region, according to CBRE. ‘Multinationals remain cost sensitive and weaker demand from expats will put downward pressure on rents over the remainder of the year despite the fact that there may be an uptick in demand from potential buyers priced out of the sales market,’ the company’s report explains.
It seems that the measures enacted to cool markets are having the opposite effects from those intended in some cases. In Hong Kong, concerns over the housing market originate with the plight of Hong Kong citizens unable to afford housing; yet cooling measures have coincided with rises in prices and little effect on rents. While the liquidity of the market is reduced, access to it, particularly for those on lower incomes, does not appear to have improved.
Written by Les Calvert Overeas Property Specialist
Thailand – Some interesting discussion
Some interesting discussion
If I buy a property in my Thai partner’s name is there any legal contact that we can sign that gives me some control over if and when the property is sold?
I guess lawyers will always be able to write a legal document but will it hold up in a court of law…?
Thank You for any advice…
Read More
http://www.thaivisa.com/forum/topic/645580-buying-chanote-land-and-house-in-thai-partners-name/
Thailand – Overseas buyers focus on downtown Bangkok
Overseas buyers focus on downtown Bangkok
 When buying property in Thailand, overseas investors are focusing on downtown Bangkok, according to one group of property experts. CBRE claim that prime residential real estate in the area is proving to be of particular interest to Chinese, Singaporean, Taiwanese and Japanese buyers. This is thanks to a common perception that Bangkok is an attractive and affordable place to have a second residence.
The city has certainly seen its property market go from strength to strength over the last few decades, particularly in the condominium segment. In 1988 there were just 10,000 condominium units in Bangkok but today there are over 350,000. CBRE expects this growth will continue into the future. “With continuous supply coming onto the market, the condominium market will become even more complicated and competitive,” they wrote. In the popular downtown area, it is expected that there will be a healthy low volume and high value market. This will ensure the clearance of built unsold inventory, while including a limited number of new launches. Already the downtown condominium market is characterised by units with higher prices per square metre. However, in prime locations such as Rajdamri, Ploenchit, Wireless Road and Langsuan, there are fewer new freeholds and limited freehold land available. “The high land price above THB 1.5 million per sq.wah, which is set to continue to rise further will also affect the feasibility of condominium projects. In secondary locations within the CBD and sub-sois, developers need to be more cautious in terms of launching new projects as higher land prices and construction costs will drive up prices over the market affordability,” CBRE explained. For investors looking for cheaper property, midtown Bangkok is a great alternative. The area is comprised almost exclusively of one-bedroom units, making it ideal for those considering entering the holiday let market. However, it is currently faced with problems of supply volumes and distortions in stock type. This means the area could be vulnerable to saturated demand in certain locations. Yet, young middle-level executive and white collar employees are still eager to populate midtown Bangkok. |
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Article by +Danny Bance on behalf of Propertyshowrooms.com News Desk (http://www.propertyshowrooms.com/news/)
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Thailand – Modest private luxury on Phuket
Modest private luxury on Phuket
Jun 04, 2013 | http://www.property-report.com/modest-private-luxury-on-phuket-29935
Thailand’s most visited island has long been a favoured choice for wealthy visitors looking to rent luxurious private villas as an alternative to hotels. The range of opulent private properties available for short term rent through management companies and rental agencies on the island is now extensive, with wedding couples and there guests also regularly choosing exclusive, expansive private residences to hold special events.
Less prolific, yet constantly in demand due to their manageable size, affordable rates and wide ranging facilities; luxury apartments are also now a popular choice for couples, families and groups in search of more independence and exclusivity than they would perhaps enjoy at a hotel or resort.
The most exclusive apartments are located within gated, serviced developments either overlooking or close to the island’s best beaches. Communal facilities such as a swimming pool, clubhouse and outdoor dining options all add to the appeal of these developments, and the best apartments also come with leading edge entertainment systems and top of the line fitted kitchens for guests that want to self-cater or hire a private chef.
“The demand for luxury holiday apartments on Phuket is very high,” saidAndrew Craig, Group COO, Luxury Villas & Homes Ltd. “With two or three bedroom options, they fill the gap nicely between a hotel room and a full scale private villa. The apartments in our portfolio also come with a range of onsite services and staff to make sure guests have everything need close to hand.”
One example are three luxurious apartments, including one private penthouse, offered through LVH on the Maan Tawan Estate — a quiet but convenient gated development on Phuket’s upscale west coast at Bang Tao. Upscale facilities and an appealing choice of private spaces to relax in make the apartments an attractive and very affordable short term rental option for families or small groups.
“With three apartments in the one development, a private swimming pool and sun terrace, which also has a shaded BBQ area, the properties at Maan Tawan are also a popular venue for a family get together or group holiday with friends,” added Craig.
Developers on Phuket have have been swift to react to the market for apartments and condominiums on Phuket with high profile projects like Laguna Shores and Sansiri’s recently launched Baan Mai Khao condominiums showcasing the appeal of such developments for international investors, as well as rental guests.
As more projects follow, the choice of luxury rental accommodation on the island is sure to expand even further as owners look to make the most of their purchases year round and management companies like Luxury Villas and Homes expand their portfolio.
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Could a (Farang – Foreigner, Caucasian) Own Property in Thailand?
Could a Own Property in Thailand?
Retirement in Thailand may be the desire many foreigners and mine also. I plan to subside there in about 2 yrs and have been looking at the principles for acquiring property in the land of smiles.
Easy and simple solution for a (farang) is to purchase a house. There’s a share requirement concerning the total number of farang and Thais in the house complex.
International land ownership is forbidden in Thailand. So, the best that a farang can do is to rent the land and own the house. The lease is good for 30 years and beyond that’s anyones think. Some web sites say you will get an additional 30 years and other sites say that there’s no assurance.
Another option would be to integrate yourself as some sort of business and lease the property back once again to yourself being an individual. This really is in the grey section of Thai law and the one that I wouldnt use. I’ve friends that have done this and to date it’s OK but I worry about the near future.
Finally is something called a usufruct. Googling this will probably offer you a much better reason and more info than I can provide. All I know is that is the option that an attorney recommended to me and I’ll follow further on my next trip to Thailand. He claims it’s just like a rent but has some greater benefits. He’ll have to tell me.
Regardless, it will be the lease or the usufruct. Each one should allow me to have a location in Thailand before the day I die or whatever happens to the home from then on I really dont care about.
There’s one final solution that I highly DONT advise. It is possible to place the home in your Thai wife or girlfriends name. She’ll then own the home outright. There is a technicality that she’s to show that she offered all of the funds for the actual estate but that’s a straightforward lie to cover. The problem with this answer is that because she’s the owner, she may do whatever she wants with the property. You could take a two week holiday and return and see that your home has been offered and your baby is finished. This is not really recommended.
Check with your lawyer and get the method to purchase/lease home for the retirement. While you have your attorneys head, check up on pre-nuptial agreements and an enforceable will. Don’t conduct any purchase with this character with no guidance of a lawyer.Borgelt Law
Thailand – EDM From Agent in Singapore
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Thailand – Overseas demand for Thailand surges
May 20, 2013 – PropertyGuru.com.sg
By Andrew Batt:
Thailand was the third most popular property destination in the world last month for overseas property searches on one of the UK’s leading property portals.
According to the monthly Top of the Props data from TheMoveChannel.com the Kingdom accounted for 6.78 percent of all enquiries – a share that took Thailand into the top three countries – its highest ever ranking.
Boom Town Asia 