New Property
Park Lane Jomtien Resort
Start price: 1 Million Baht for 36 sq.m. apartments. The concept and planning that went into Park Lane Jomtien Resort was the result of extensive market research within Pattaya and Jomtien areas. The intention of the research was to find out what people really needed and wanted when looking for an apartment in Thailand. Park Lane Jomtien Resort is the result of the vision and dream requirements of the buyer...
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How-to Buy
Thai law allows foreign free-hold ownership of a condo. Forty-nine per cent of a condominium block may be of non-Thai ownership, with some blocks allowing this to rise to 100% if the developer has acquired the appropriate condominium license.
Freehold or leasehold owner- ship options are available to the overseas buyer. A free- hold may be purchased if a condominium is still ...
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Investing in Thailand
Despite the recent setbacks, foremost political changes, property ownership laws uncertainty and the strong Thai Baht, the Thai property market remains one where substantial, best medium-term profits can be made, as property is still much cheaper in Thailand than elsewhere and investors can afford more for their money than in many global locations. For example, taking advantage of the possibility to buy a quality Thai home for approximately 40% of the usual costs for an equivalent property in the South of Spain.
The Thai property market ...
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Plus Factors of the Thai Real Estate Market
Despite recent setbacks, namely political changes, property ownership uncertainty and the strong Thai Baht, the Thai property market remains one where substantial medium-term profits can be made, as property is still much cheaper in Thailand than elsewhere and investors can afford more for their money than in many global locations. For example, it's currently possible to buy a quality Thai home for approximately 40% of the cost of an equivalent property in the south of Spain.
The Thai property market has experienced a considerable boom over the last few years and many property investors have achieved significant returns on their real estate purchases. House prices have doubled in Thailand over the last two years and are expected to double again, over the next two to three years, according to some market analysts.
- Currently, property is experiencing a growth rate of approximately 10-15% annually.
- Development opportunities are virtually unlimited and market analysts predict continued expansion and sustainable growth for the foreseeable future.
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Investors are now purchasing real estate for exclusively investment purposes, while enjoying the benefit of monthly income by renting their properties, on both a short and long term basis.
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This especially as many European property speculators consider the more established foreign property markets are now overvalued and that their investment returns are gradually diminishing.
- Consequently, they are seeking alternative markets and Thailand is now seen as being at the forefront of the new global Investment property marketplace.
Significant Economic Growth Potential
Thailand is considered to be the largest growth area in Asia - a true emerging market. The country has recently attracted significant foreign investment and has become one of the Asian economic leaders. Real estate experts predict that Thailand will continue to be amongst the leaders in investment growth areas and Thai property is certain to become more popular among investors as the government continues to invest heavily in the tourist infrastructure and economy. This especially in terms of the rental market, which stands to benefit most from the growth in tourism.
According to the Bank of Thailand, there will be no significant knock-on effect from the downturn in the US economy. Earlier in September, Suchada Kirakul, the bank's assistant governor, said the property market had not "over-expanded", so it was "certain" the problems faced by the US housing market would not occur in Thailand. He predicted that conditions within the US housing market were unlikely to have a negative impact upon the Thai economy.
Global Accessibility
With the completion of Suvarnabhumi Airport and the increasing availability of new, more comfortable and more affordable long haul flights, Thailand is now within easy and affordable access to most other destinations and is currently the most popular of all Asian tourist destinations. Thailand is now also one of the cheapest locations to fly to in Asia and increasingly investors are broadening their horizons in search of genuine investment opportunities.
Regional Hub
Many companies choose Thailand as a regional base from which to keep their employees working all around Asia and Bangkok is fast becoming recognized as Asia's communication and transportation hub. With the consolidation of the road network facilities, especially the Chonburi by-pass, Pattaya will become increasingly popular as a dormitory town, not only for the Eastern Seaboard, but also for Bangkok as the traveling time is reduced to 1½ hours.
Foreign Investment
The country has strong business links with China and Japan in particular, both economic giants in the region. This can only be good for the economy. The steady growth of new industrial estates is continuing to attract foreign companies. The huge Amata Estate, just outside Chonburi, for instance, is almost exclusively occupied by Japanese companies, bringing welcome financial benefits and creating a demand for housing, especially in the rental market.
Growing Infrastructure
Over the past ten years, Thailand has witnessed a phenomenal growth in its transport and residential infrastructure with the construction of new motorways and highways, raised roads, flyovers, the Sky train and underground systems in Bangkok and soon the fast monorail link to Suvarnabhumi Airport. Likewise, many towns and cities have witnessed the continued growth of shopping malls, increasingly more foreigner-friendly and more and more housing estates with their attendant infrastructure. Additionally, there are numerous world-class recreational facilities, including golf and massage. All of which makes Thailand more attractive as a retirement and residential location for the foreign investor.
Health and education
Thailand has excellent international schools, especially with the influx of British public schools like Harrow and Dulwich College.
With modern, well equipped hospitals and an efficient health care system and an expanding medico-tourist business, it is increasingly seen as a friendly country in which to live or visit, for the whole family.
Retirement
For the many thousands of expats who have worked in Asia for many years, Thailand is an extremely attractive retirement destination; one in which the cultural and living environment feels familiar.
Retirement visas are available for foreigners above 50 years of age and unlike in the West, the Thai population appreciates the significance of age and unlike in the West, a plethora of attractive ladies and young men who appreciate the significance of age and are willing and eager to take care of Western retirees to Thailand, rather than allowing them to languish back home. All of which creates a substantial demand for property.
Attractiveness of Environment and People
The often exquisitely beautiful Thai coastline is extensive, but for the most part undeveloped. Indeed, the relatively undiscovered nature of Thailand means that rental potential is phenomenal, due to substantial government spending attracting an increasing number of tourists. Thailand offers beautiful mountains, dense forests and jungles and stunning beaches and islands, a tropical climate and cities rich with culture and romance, which draw visitors and potential investors back year after year. The geniality of the Thai populace is a major factor in the popularity stakes of the country that cannot be underestimated.
Financial benefits
No capital gains tax for private investors and low ongoing taxes are a further source of attraction for the foreign investor.
Drawbacks OF Thailand
Political Instability
Khun Sopon Pornchokchai, President of The Property Consultant Agency for Real Estate Affairs (AREA) acknowledged that many property developers had delayed launching new projects during the first eight months of the year, being wary of the market situation and consumer lack of confidence. However, Marsha Lu, Head of the Legal, Diligence and Compliance Department at Property Frontiers, considers that the risk to investment is "not large". New housing launches are predicted to pick up in the last quarter of the year as political concerns decrease ahead of the December 23 elections; while conditions for domestic factors are expected to improve if political issues are resolved over the medium term.
Property Ownership
Currently, to invest in freehold property, foreign buyers currently have to go through a company scheme, which can cause concerns over how secure an investment is likely to be. However, again Marsha Lu considers that "No market is a bad market . It's just what the expectations of investors are". Certain pundits forecast favorable changes in the property ownership laws following the election.
The Strong Baht
The strength of the Thai Baht has not only become a major concern for exporters, but it has also had implications for Thailand's real estate sectors, especially in terms of American investors, due to a weak dollar. However, sterling and Euro investors have not been nearly so badly affected, as the exchange rate has remained stable.
Mrs. Suphin Mechuchep, Managing Director of Jones Lang LaSalle Thailand, said "If overseas investors decide to acquire real estate assets in Thailand now, they may have to pay approximately 8% more, compared to the beginning of the year, due the Baht appreciation. Whilst certain economists encourage the government to reduce interest rates further in an effort to curb the baht strength, low interest rates would help property developers burdened with borrowings. They would also benefit the residential sectors as mortgages for home purchases will be less costly for buyers."
Conclusions
Much rides on the policies adopted by the new government in terms of improving the prospects of the Thai property market. The leader of the Thai Democratic Party has urged the facilitation of foreign ownership and the easing of current stringencies of foreign business policy. Even if only in opposition, his voice is certain to have an effect.
The current governmental policies have resulted in vast losses in revenue, especially as regards investment in the property market. One trusts that informed opinion will prevail and the next government will adopt a more enlightened policy and the Thai Real Estate Market will begin to realize its true market potential as one of the strongest in Asia.
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Thai Real Estate News
In most countries of the world, property markets are hypersensitive to even the smallest fluctuations in the economic, social and political climates. This begs the questions: Why is Pattaya, Thailand so different? Why is this market so resilient? ...
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Testimonials
Read the Testimonials Iguana Group has received from Ross-Tara Co. Ltd., Obelisk International and Uni-Serv Co. Ltd., all well established and known in the Real Estate and Investment Market.
Obelisk International
We choose to collaborate with Iguana Group on the Pattaya Heights project for Obelisk International's first project in the Thailand market. The extensive experience ...
Uni-Serv Company LTD.
We at Uni-Serv Company Ltd. have been partnering Iguana Group within the Pattaya Real Estate ...
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