Thailand real estate...

[willyb]

what is the safest real estate investment? If my understanding is correct you cant own a house -but you can own a condo. please tell me what you know about this process if anyone here owns one-thanks-Willy B

[stogie bear]

Lots of information on the net about what farangs can and can't do or can and can't own, etc...

The real estate industry in Thailand is a bit flat right now and it really pays to rent over here.

It's my feeling (NOT based on facts) that over the next couple of years the rules will be relaxed for foreign ownership. I think the new government will want to stimulate the economy and attract foreign investment and this is one way of doing it.

They will focus more on other Asian countries of course but we Westerners won't be excluded from the new rules (if and when they come about.)

The safest investments are properties already completed and a year old. I personally wouldn't risk future concept investments as I consider them to be too risky.

Get a good lawyer who IS NOT recommended by the real estate agent you do business with. Tillike & Gibbons is a well established company based in Bangkok.

The laws are complicated and in a state of flux right now, so anything written here may be true at the time of writing and not true later...

[jadeite]

(stogie bear @ Jan. 21 2008,10:43) Get a good lawyer

That is by far the best advice there is. You would not believe the horror stories of foreigners thinking with their heart when "buying" land only to find they just lost it all, often to another foreigner when it was all completely avoidable had they used just the slightest common sense to have a trained pair of eyes look over the deal.

[katoeylover]

There is a school of thought that says you should hold off for a while til the npolitical situation stabilizes a bit.

[Guest]

Is it ever stable.

[Snick]

I think 1996 was stable

[mardhi]

You can own a house in your own name, you just own the land it sits on.   You can lease the land, either from an individual or as a company (company is safer - the extensions to take it to say 90 years, are legally enforceable on a compnay, where with an individual they are not).        Many people set up companies to own land, however these days thats not an altogether smart idea, however many people who have done it before probably have little to fear.  

To put it into context, on a price per Sq M basis, a house is roughly 5-10 times cheaper than a condo.    Makes you really think whe you realise the difference.  Condos are now very expensive relative to land and building a house.      I suspect thats why many people work on the basis, well I can get a piece of (relative) paradise and its cost less than a tinpot condo, yet your sitting in 1600 sq m of land with a great house as well.     Maybe you will lose it in 10,20,30 years - maybe you will be dead and dont give a toss about that - at the end of the day even with a company, you can just transfer it into a Thai name if shit happens.      

At the end of the day, its all relative risk.    I play houses and land, as that to me at least is where the most payback is, but equally I know plenty of guys with condos and very happy - its just a question of balance and minimising the risk.  

Cheers
Mardhi

[willyb]

thanks for the info -I'm far from doing anything, but the advice is great.

[thaibound]

thanks for the tips, mardhi
i must admit *every* time i return to the LOS i re-consider what/where/if to buy a place, but i continually return to the fact that i can stay in a very comfortable hotel for so little money with the absolute freedom to move to an entirely different part of the country at a moment's notice to stay at another inexpensive yet comfortable place that, well, it's hard to pick just one place to live in such a beautiful country, so i pay the slight premium required for near-absolute freedom.
not that i wouldn't love to have "a place to call home", it's just hard to settle on just one...as all you butterflies out there well know.

[Monkey]

(mardhi @ Jan. 21 2008,18:14) You can own a house in your own name, you just own the land it sits on.

Shouldn't that say:
"You can own a house in your own name, you just can't own the land it sits on."

There is one thing to bear in mind with condo's and that's there is technically a limit to the amount of foreign owned condo's per block depending on the land area, condo sq.m and number of condo's or something.

There is a formula but I think even half the Thais don't know what it is.
It's probably around 49% of total sq. m of the building.

Also there will be a maintanence charge per month/year to pay.

[mardhi]

You are absolutely correct Monkey - thanks for correcting my missing key word.

Cheers
mardhi

[stogie bear]

http://www.samuiforsale.com/index.htm

[moe666]

Willyb, you may want to check out the land section of Thaivisa good info about many different subjects on renting, buying, and owning land or condos in Thailand. But as SB says get a good lawyer first and formost.