Real Estate News

No witch-hunt, says Lands Department

Wed, 17 Jun 2009 21:38:11 +0100

Bangkok Post June 15, 2009 Foreign ownership debate intensifies The Lands Department does not have a policy to scrutinise acquisitions in which illegal use of Thai nominees on behalf of foreigners is suspected, says director-general Anuwat Maytheewibulwut. We have some regulations and processes to investigate illegality, but not that many. We must respect individual rights and assume individuals will not give fake statements to officials - Anuwat Maytheewibulwut Director-general, lands department Land ownership revocation cases mostly occur when a complaint or conflict is brought to the department�s attention,...

LEGAL LANDMINES

Wed, 17 Jun 2009 21:37:39 +0100

Bangkok Post June 15, 2009 Abuse of loopholes by some has made it harder for foreigners who wish to acquire property in full compliance with the law Foreigners seeking dream homes in Thailand find it almost impossible to do so legally if they also want to own the land on which the home sits. The law allows them to own land only if they are legal heirs or invest at least 40 million baht in the country, or have a Thai spouse buy it using money that is proved to be...

Ways sought to win back foreign buyers

Wed, 17 Jun 2009 21:37:01 +0100

Bangkok Post June 15, 2009 Increased government scrutiny of land purchases by foreigners will hurt investment in all types of property, says Patima Jeerapaet, managing director of the property agency Colliers International Thailand. The quiet property market in major tourist destinations such as Phuket, Samui, Hua Hin and Pattaya will get quieter if foreigners face more difficulty buying in Thailand, he said. Meanwhile, he said, investigations by the Lands Department could cause foreign investors to hold back or place less importance on Thailand. �This guideline announcement [dated Jan 22, 2009]...

LOCATION, LOCATION, LOCATION

Wed, 17 Jun 2009 21:36:21 +0100

Bangkok Post June 14, 2009 The highs and lows, ups and downs of the Bangkok property market Although the property market is very dull right now the malaise is not expected to continue much longer because it actually bottomed out last month with sales picking up after almost halting completely in April, says Aliwassa Pathnadabutr, managing director of CB Richard Ellis (Thailand). The reason transactions started taking place in May is because sellers cut their prices to levels more in tune with what buyers have in mind after the Songkran...

Foreign buyers have disappeared

Wed, 17 Jun 2009 21:28:23 +0100

Bangkok Post June 14, 2009 The uncertain political situation has continued to take a toll on Thailand�s property market The dangerously unpredictable turns Thai politics has taken in recent months have scared off foreigners, who no longer seem interested in buying property in this country, says Fragrant Group president James Duan. The Taiwanese developer of three condominiums - Fragrant 71 in Sukhumvit Soi 71, Prime 11 in Sukhumvit Soi 11 and Circle on New Phetchaburi Road, Soi 36 - said his company has not seen a single new foreign customer...

Ministry to go ahead with land and property tax

Wed, 17 Jun 2009 21:27:43 +0100

Bangkok Post June 12, 2009 A draft bill on land and property tax will be presented to the cabinet for consideration in August, Finance Minister Korn Chatikavanij said on Friday. If approved it would go to the parliament. The govenment would then spend at least one year explaining to the people how the land and property tax would be collected, before it was implemented, he said. Mr Korn said in the principle behind the land and property tax was to encourage people to make the most use of their land. The minister...

Tris sees slump continuing

Wed, 17 Jun 2009 21:27:03 +0100

Bangkok Post June 12, 2009 Tris Rating says that residential property developers in Thailand are expected to continue facing a sluggish market this year despite numerous government stimulus packages. The local ratings agency forecasts the total number of new residential properties in 2009 will be lower than last year, with the slowdown particularly notable in single detached houses and townhouses, which have experienced sliding demand since 2007. The number of new condominium projects is also expected to decline. Though the world economic recession is expected to bottom out...

Mass transit the key for investors

Wed, 17 Jun 2009 21:26:09 +0100

The Nation June 11, 2009 Residential around mass transit system generate high return. Condos, detached houses offering big annual returns. Buying a residential property as an investment is a practice requiring careful consideration of the type of residence, its price and its location, according to property experts. Investors are currently being offered guaranteed returns of 6 per cent per year on some properties, but returns can be as high as 10 per cent if the location precisely matches demand from tenants or new buyers. The CEO of property brokerage Bangkok...

Chewathai considers B1bn land purchase

Wed, 17 Jun 2009 21:25:12 +0100

Bangkok Post June 8, 2009 The property developer Chewathai Co Ltd may spend 1 billion baht on about 300 rai of land for development over the next five years, according to executive director Boon Choon Kiat. The company has a goal of listing on the Stock Exchange of Thailand within five years, supported by its Thai and Singaporean shareholders. About 90% of the plots, which are being offered by owners and their representatives, would be in prime areas within Greater Bangkok, said Mr Boon. The plots under consideration vary in size from...

Three projects from Major Devt

Fri, 29 May 2009 11:58:15 +0100

The Nation May 26, 2009 . Property firm Major Development will launch three new residential projects worth a combined Bt3 billion in the fourth quarter, CEO Suriyon Poolvoralaks said yesterday. . "We've seen strong demand for residences in the first five months of the year, especially condominiums, so we've decided to launch these new projects in this year's final quarter," he said. . They will be located in Soi Rangnam of Rajprarop Road, Surawong Road and Soi Pipat of Silom Road. . Suriyon said the company had paid Bt600 million since the first quarter for...