News Forum - Thailand pulls the plug on foreign land ownership regulation

[Thaiger]

The Thai government has already pulled the plug on the draft ministerial regulation that would open up new foreign land ownership options in Thailand. The regulation proposed allowing foreigners who hold a 10 year Long Term Resident visa to buy a property and/or land of up to one rai in Thailand, given they invest a minimum of 40 million baht into Thailand and maintain the investment for three years. However, the plan has been axed already amid backlash from Thais, with some political parties accusing the government of “selling off’ the country to foreigners. The regulation was passed by the Cabinet […]

The story Thailand pulls the plug on foreign land ownership regulation as seen on Thaiger News.

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[Richard1944]

Common sense prevailed, it would have made property market prices increasingly to high for the normal Thai family.

[Alavan]

It is not about prices, it is about reciprocity. Why is it that Thais Philipino's and others can buy land and houses in the West, but we can't do it in their land.
And no, I am not going to buy something there, but I just feel it is injust.

 

[Pinetree]

30 minutes ago, Alavan said:

It is not about prices, it is about reciprocity. Why is it that Thais Philipino's and others can buy land and houses in the West, but we can't do it in their land.
And no, I am not going to buy something there, but I just feel it is injust.

The issue is not that we can't buy here, its that they can buy in our country.  The fault lies with the west, not with Thailand. You just don't give away your National treasure, unlike, say the UK idiots. 

[Poolie]

I wonder what that British foreign ownership figures are? Anybody know?

[Guest1]

2 hours ago, Pinetree said:

The issue is not that we can't buy here, its that they can buy in our country.  The fault lies with the west, not with Thailand. You just don't give away your National treasure, unlike, say the UK idiots. 

I am asking for decades, why the west is allowing foreigners more, as the foreign countries allowing western people in their countries.

Yes, that is the problem. But the answer is: More money comes in the country. Which goes in one direction.

[palooka]

2 hours ago, Poolie said:

I wonder what that British foreign ownership figures are? Anybody know?

In value it must be astronomical in favour of foreigners, the Oligarch restrictions have brought much of this to light, and this may be a drop in the ocean compared to the middle east oil funds sloshing around.

Thinking London may be British but definitely in name only and not owned by British.

[MelBurn]

5 hours ago, Pinetree said:

The issue is not that we can't buy here, its that they can buy in our country.  The fault lies with the west, not with Thailand. You just don't give away your National treasure, unlike, say the UK idiots. 

If British are so dumb - why Thailand is so much poorer? 

[cowslip]

8 hours ago, Richard1944 said:

Common sense prevailed, it would have made property market prices increasingly to high for the normal Thai family.

I think the main problem is people buying land and then taking back to their home country.

 

[TheDirtyDurian]

They obviously realise that they won't be able to handle the demand. 

[HiuMak]

Or the Thai wives or pretend wives can't be titled to the land anymore.

[Soidog]

This is a typical short sighted move by the Thai government. This was always a bit of a misguided and pointless gimmick. However, the need to revise land ownership and the ability for foreigners to engage and feel able to fully operate in Thailand is essential for its next stage of development. The problem is that the 5% of super rich and powerful are actually very happy with the status quo. A move to a more open society which embraces foreigners more than the 40 million tourists would ultimately help all levels of society. This isn’t something the powerful and rich 5% want or need. 
 

This decision and similar ones which are less publicised will ensure Thailand remains a developing nation for another few decades. 

[HolyCowCm]

3 hours ago, Soidog said:

This is a typical short sighted move by the Thai government. This was always a bit of a misguided and pointless gimmick. However, the need to revise land ownership and the ability for foreigners to engage and feel able to fully operate in Thailand is essential for its next stage of development. The problem is that the 5% of super rich and powerful are actually very happy with the status quo. A move to a more open society which embraces foreigners more than the 40 million tourists would ultimately help all levels of society. This isn’t something the powerful and rich 5% want or need. 
 

This decision and similar ones which are less publicised will ensure Thailand remains a developing nation for another few decades. 

Just closes the flood gates not allowing a huge influx of a certain country's people coming here and buying up more than just a huge majority of condos like they did before. There needs to be better rules put in place such as living here a certain period of time directly in country meaning a certain amount of time here, or that of being married a certain amount of time (real marriage) or having kids here. 5 years of time spent should be a better choice rather than allowing the wealthy or being groups of joined people with collective interests coming in here and buying up all they can cash grab. I would take it that many of these folks may have not had the money but were set up to look like it if this actually went through and became reality. soret of like the condo charade that happened for very many of years. 

Right now there seems to be a good level of tourists here as I just was traveling, sothey need to keep it as a good porofile rather than a lopsided on kind of touriust and buyer profile. All my trhings are in my wife and kids names, but my house I actually have a signature on the deed which pushes me right into having some rights. the 5% don't care probably becasue they never see huge groups of tourists for the most part at any time.

But I do agree that ownership needs to be allowed, but under a more regualted plan of folk who really love living and staying here. Put in the time that is!

[cowslip]

There are pros and cons to foreign land ownership. The ruling elite are conflicted - their nationalistic tendencies present them from supporting it, yet those who own land are tempted by the inevitable increase in value in the land they own especially in industry and tourism. ...and the concomitant influx of foreign currency. It looks like the Nationalists have won.

I think if tourist areas became owned by foreigners the resulting price rises would affect accommodation for tourists and rented accommodation for average expats too. Many would find they could no longer afford condos or even houses

Thailand would price itself out of being a budget destination - but ten again isn't that the declared aim of many politicians in Thailand?

 

  

Edited November 11, 2022 by cowslip

[Soidog]

9 hours ago, HolyCowCm said:

Just closes the flood gates not allowing a huge influx of a certain country's people coming here and buying up more than just a huge majority of condos like they did before. There needs to be better rules put in place such as living here a certain period of time directly in country meaning a certain amount of time here, or that of being married a certain amount of time (real marriage) or having kids here. 5 years of time spent should be a better choice rather than allowing the wealthy or being groups of joined people with collective interests coming in here and buying up all they can cash grab. I would take it that many of these folks may have not had the money but were set up to look like it if this actually went through and became reality. soret of like the condo charade that happened for very many of years. 

Right now there seems to be a good level of tourists here as I just was traveling, sothey need to keep it as a good porofile rather than a lopsided on kind of touriust and buyer profile. All my trhings are in my wife and kids names, but my house I actually have a signature on the deed which pushes me right into having some rights. the 5% don't care probably becasue they never see huge groups of tourists for the most part at any time.

But I do agree that ownership needs to be allowed, but under a more regualted plan of folk who really love living and staying here. Put in the time that is!

I understand the emotive concern about selling off the country and allowing too many foreigners. However, this is not about a few million Chinese or rich Westerners buying the land. This is a more philosophical attitude towards foreigners and foreign influence in the country. In an interconnected global economy, you can’t behave as if it was 1930. We may not like it and we may wish it was 1930, but it’s simply not how the world is today. Thailand has a choice. Live in the 1930’s and stay in the 1930’s, or embrace the modern world and allow a free and open economy. “Up to you” as they say here.  You can’t have it both ways I’m afraid. Even Japan is starting to realise this. 

[Marc26]

10 minutes ago, Soidog said:

I understand the emotive concern about selling off the country and allowing too many foreigners. However, this is not about a few million Chinese or rich Westerners buying the land. This is a more philosophical attitude towards foreigners and foreign influence in the country. In an interconnected global economy, you can’t behave as if it was 1930. We may not like it and we may wish it was 1930, but it’s simply not how the world is today. Thailand has a choice. Live in the 1930’s and stay in the 1930’s, or embrace the modern world and allow a free and open economy. “Up to you” as they say here.  You can’t have it both ways I’m afraid. Even Japan is starting to realise this. 

You simply seem to ignore all the evidence around that allowing unfettered access to your real estate by foreign owners has not worked for countries, no matter how much facts are shown

 

All that does is make developers rich and prices out generations of citizens

 

HolyCow suggests reasonable restrictions

You can allow foreign ownership if they show they actually want to live there........

[cowslip]

38 minutes ago, Marc26 said:

You simply seem to ignore all the evidence around that allowing unfettered access to your real estate by foreign owners has not worked for countries, no matter how much facts are shown

Rally such as USA, EU etc.? I think you need to show evidence for your argument but as you strt with "no matter how much facts are shown" I can't see how you have anything compelling

[Marc26]

1 hour ago, cowslip said:

Rally such as USA, EU etc.? I think you need to show evidence for your argument but as you strt with "no matter how much facts are shown" I can't see how you have anything compelling

No _ I don't respond to sealioning. get them yourself.

 

 

Just kidding............ 5555

 

I have given examples but all you need to do is look at Canadian real estate, Australian real estate among many other countries

 

 

Suggesting making foreign buyers to actually live in the country is not an unreasonable requirement

[Rookiescot]

Someone once told me buying land is a good idea because they don't make it any more. 

[Pinetree]

5 hours ago, Rookiescot said:

Someone once told me buying land is a good idea because they don't make it any more. 

Not true Sir.  You have heard of Plate Tectonics? 

https://www.livescience.com/15512-earth-crust-cycling-faster.html

[Soidog]

15 hours ago, Marc26 said:

You simply seem to ignore all the evidence around that allowing unfettered access to your real estate by foreign owners has not worked for countries, no matter how much facts are shown

All that does is make developers rich and prices out generations of citizens

HolyCow suggests reasonable restrictions

You can allow foreign ownership if they show they actually want to live there........

Who said it was unfettered? This is 1 Rai and only then in certain areas. I wouldn’t and never have advocated unfettered access. This is where the emotion comes in. This is about trying to move Thailand in to a more competitive space. It’s been stopped and so it remains in limbo

[Marc26]

6 hours ago, Soidog said:

Who said it was unfettered? This is 1 Rai and only then in certain areas. I wouldn’t and never have advocated unfettered access. This is where the emotion comes in. This is about trying to move Thailand in to a more competitive space. It’s been stopped and so it remains in limbo

As I said in another post, 1 rai still leaves a lot of urban and suburban areas ripe for abuse

 

I think the simple solution is putting in an occupancy/resident requirement is vital 

[Tim_Melb]

This issue of foreign ownership is bull sh*t! Foreigners cannot buy land in your country and pick it up and take it away! By all means place limits on the size and use of property owned by foreigners. Make sure that they cannot own property too close to the coast or borders to control prices like they have in Mexico. Stop foreign owned business from owning land if you need to but stopping a foreigner from buying a property to live in is ridiculous. Do they think that millions of foreigners are going to flock to Thailand and buy a house and stay? And if they did would that be bad for the economy in Thailand? 

[Soidog]

3 hours ago, Marc26 said:

As I said in another post, 1 rai still leaves a lot of urban and suburban areas ripe for abuse

I think the simple solution is putting in an occupancy/resident requirement is vital 

How does that all work with the free market economy that has made the G20 the G20?   No, the Thais need to Join the real world or stay where they are. It’s their choice and I respect their choice. But you can’t have your cake and eat it. Sorry.

[Marc26]

2 hours ago, Soidog said:

How does that all work with the free market economy that has made the G20 the G20?   No, the Thais need to Join the real world or stay where they are. It’s their choice and I respect their choice. But you can’t have your cake and eat it. Sorry.

A lot of countries in the real world with some sort of  foreign buyer restrictions 

 

 

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