• Thursday, December 21, 2006

    Property market Thailand...

    First Thai micro-light. Knocked-up in the early nineties by a retiree from the Thai air force. This thing is a seriously basic micro-light.

    Looks like it could be a hot one today. The sun is shining and could heat up later on, though still much more bearable than the normal Thai weather.

    Another trip into town today. The daughter is off to her friend's house and I have free time.

    Stock market managed to rebound from the one day crash caused by previously discussed silly policy. There are now fears that it might have dented confidence in the property sector. Obviously if you're investing money in Thailand for property and you have to add on a further 30% it's not such a good deal.

    I'm surprised that foreigners are still trying to buy property in Thailand anyway. It's recently been made almost impossible and a huge risk. Condominiums are OK, foreigners can own the things outright, as long as no more than 49% of the entire building is in foreign hands. Hence the ongoing construction of some really amazing condos downtown, all priced high and aimed at the foreign market.

    Leasing is also a possibility for foreigners in Thailand. You can get a 30 year lease and they are only permitted to give one 30 year extension, so the maximum length you can have the property is 60 years. So inheritance is out of the question. You can buy a house but not the land beneath it. So, if you lease a plot of land and build a house you have to be prepared for giving that house and land back to the landlord sometime in the future. Fine if you're really that desperate to live in Thailand but probably not best economic sense. I guess if you could lease the property and use it as a holiday home and rent it out when you're not using it then maybe it could be a good idea financially. Though I'm sure it is illegal for foreigners to rent property out here.

    I know many Thais who own property in the UK which I find very annoying. We are completely open and allow anyone to buy property, businesses etc and it's rarely reciprocated. A tad one sided me thinks.

    Property market Thailand...

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