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PROPERTY REPORT


It is a good time to buy property in Thailand FOR FORIEGNERS who have an eye for a good condo only and have spare funds. Many property offices have closed in Pattaya and some developers are slowing down on their developments due to the economic situation in Thailand. s more unemployment creeps in their is more unstability & banks are not talking about their bad bebts on property loans etc at prersent. Things could get worse?

 

For foreigners you can only lease properties still or buy a condo outright so condos really are the best deals for foreigners. Banks are lending to Thais & property prices are GOOD. The situation with The Baht is as at April 2009 @ 35 baht =$US1 but the main drawback is the instability of the Governments position with the deposed PM Thaksin Shinawatra who is lobbying behind the scenes to cause mayhem on the eceonomic & political front. Although he is on corruption charges and jumped bail and absconded overseas, he still weilds considerable power and is intent on consolidating his former power base which in effect may be the worst thing for Thailand's future but who are we to say this. Many in Thailand say he will rule with an iron fist and get back at all those who caused his downfall; its his way of saving face perhaps --- he has nothing to lose so this has caused less tourism and less foreigners willing to come to a Country that could be unstable in future years to buy their retirement home. The Visa situation also does not help matters as it is getting harder for retirees or those wanting to live here for extended periods of time.

Jones Lang LaSalle (Thailand)'s managing director Suphin Mechuchep said the global economic malaise had already begun to affect Thailand's property market, especially high-rise residential projects and commercial projects.

According to the company's research, rental fees for office space fell in the current quarter from an average of Bt616 per square metre per month for grade A office space to Bt600. Meanwhile, office space is expected to be in significant oversupply in Bangkok next year. New office buildings with a total of 200,000 square metres of floor space will be completed at the same time as the new government centre at Chaeng Wattana opens its doors with 400,000 square metres of office space, Suphin said.

Suphin predicted that rental fees for retail space would fall significantly next year because the number of shoppers - both domestic and foreign tourists - would decrease.

The managing director of international property agency CB Richard Ellis (Thailand), Aliwassa Pathna- dabutr, said her company's research showed that all property segments had fallen since the fourth quarter of last year, some of them significantly, others only slightly.
This was a sign that the property market could drop by 10 to 20 per cent in 2009, which would make it the worst tumble since the financial crisis in 1997.
Offices for rent and serviced apartments will feel a negative impact from multinational firms reducing office space and staff, and this will show up in lower occupancy rates in 2009, she said.
However, she believes Thailand's property market will recover in 2011, at the same time as the global economy recovers. "We believe that this recovery cycle will be faster than that after the 1997 financial crisis because global leaders, including the US, the UK, Europe, Japan and China, have launched measures to solve the problem. Thailand's property developers and finance firms are also healthier, financially, than they were after the 1997 crisis," she said.

Rents on hold to aid tenants
The Nation March 19, 2009

WHEN TO PAY FOR YOUR PROPERTY

1/. Never pay deposit or booking fee over the Internet. See what you buy first

2/. Look at progress payment reports when, & how much

3/. Check the builder before you sign

4/. Talk to neighbours & others about the Moo Baan or buildings.

5/. Have a person on site to inspect interim work for you

6/. Do not be bullied into progress payments before work completed. If so then some middle man is getting his cut.

7/. When in doubt ask. Seek advice

   

GLOBAL REAL-ESTATE PERSPECTIVE
Experts deliver a sombre world forecast
The Nation March 20, 2009

No revival until crisis bottoms out, Jones Lang LaSalle predicts

Real-estate markets around the world will not see a revival unless risk aversion abates, and that will not happen until the global economy and world financial markets reach the bottom of the current down cycle, according to international property firm Jones Lang LaSalle in its latest Global Market Perspective report.

The company, which offers a regular commentary on changing economic and market conditions and their impact on the real-estate business, says that global financial market liquidity is a necessary spark for a sustained economic recovery.

While many indicators of liquidity have improved dramatically over the past five months - thanks to government programmes to buy commercial paper and guarantee short-term debt - the markets have tightened a bit in recent weeks and, at the same time, the world's economic landscape has continued to darken.

The company says a global property market recovery has yet to take hold. Debt markets remain congested and the securitisation market is at a complete standstill. Restored liquidity will reset property values through asset trades that provide accurate data points on pricing floors around the world. But there are currently few completed transactions to analyse, suggesting the bottom of the market is still ahead and values have further to fall, it says.

Jones Lang LaSalle's Global Real Estate Health Monitor analyses the leading health indicators of global commercial property-market activity. At present it shows that risks abound and that most indicators continue to point down. The Global Market Perspective report says that against a backdrop of a weakening economy and somewhat tighter credit markets, financial institutions in the United States are facing an onslaught of commercial loan maturities with more than US$300 billion (Bt10.79 trillion) in commercial mortgages estimated to mature each year from now until 2011. European shareholders have resisted attempts by Real Estate Invest- ment Trusts to launch new rounds of capital-raising. The market, which initially favoured these additional underwriting rights issues, has backed away. Offers for rights issues announced in February and March by companies such as Hammerson, British Land, Land Securities and Segro range from around 50 per cent to 90 per cent below the securities' previous trading prices. The company says more than ค50 billion (Bt2.33 trillion) in equity capital is targeting European commercial real estate in 2009. Institutions and third-party money managers, opportunity funds, international wealth entities and some German open- and closed-ended funds are waiting for distressed opportunities to enter the market.

Across Europe, outward pressure on yields remains for all classes of commercial real estate, from those still quoting prime yields at below 5.5 per cent, as in Milan, to the premium London city offices quoting close to 7 per cent today. In the UK, a further 15 per cent to 20 per cent capital decline in 2009 seems warranted. Prime assets of less then ฃ30 million (Bt1.5 billion) are commanding cap rates from 5.5 per cent to 7.25 per cent, while all other assets in the country are trading at cap rates of 8 per cent and higher. For example, Jones Lang LaSalle recently advised Legal and General on the sale of Times Place, 45 Pall Mall, in London.

In Asia, Jones Lang LaSalle says, property conditions have continued to deteriorate. In fully developed markets such as Singapore, Tokyo and Hong Kong, which are suffering from heavy exposure to international financial services, landlords are drastically reducing rentals in an attempt to maintain occupancy levels. In the final quarter of 2008, net effective rentals fell by up to 20 per cent in these three markets, and the first quarter of this year is likely to see even more rapid declines. Tier 1 cities in the emerging markets of China and India are facing a situation of major oversupply and are also likely to witness significant falls in rentals this year as vacancy levels climb. Office stock in Delhi and Mumbai is forecast to expand by about 50 per cent in 2009, while the Beijing office vacancy rate is projected to rise from 23 per cent to 36 per cent. Interest coverage rates - once viewed as being at very safe levels - will come under pressure over the next quarter and will further motivate banks to source new capital for many assets purchased in 2006 and 2007. The company says that in the hotel sector, Asian sentiment is improving, with several groups beginning to actively review investments with the idea that as the markets start to bottom out, there will be less opportunity to pick through good quality stock. In a counter-cyclical pattern similar to the 1990s, Asian investors (typically high-net-worth individuals and property companies) are now viewing the key gateway markets as an attractive point of re-entry. The Global Market Perspective report says property markets around the world remain frozen because of uncertainty as economies convulse and governments grapple with questions about the scale of stimulus packages, the impact of quantitative easing and the creation of more effective, supra-national regulation of the financial sector. In many global markets, commercial property prices need to adjust to lower values - by as much as 20 per cent in some cases. More property can be expected to come to all markets as financial institutions de-lever and corporations recalibrate their space needs. For some markets, this deluge of supply could be quite destabilising.
Going forward, investors will likely emphasise covenant strength, local market conditions and a deeper understanding of the outlook for specific industry sectors. Jones Lang LaSalle says that for investors, 2009 will bring a return to core global markets as they look to maintain liquidity in their portfolios and transact in markets with high levels of yield transparency and lower macroeconomic risks. For corporate occupiers, the short-term game is one of survival and the continuous re-evaluation of property portfolios, rents, leases and space occupation to accommodate reduced head counts. Apart from those corporate occupiers who are currently cash rich, more opportunistic tenant behaviour will remain muted

2012-13 there are many ripoff condos being built in Pattaya or not even being built and in Phuket and Samui some have encroached on beach land with bad titles. DO NOT BUY OFF A PLAN OR GIVE HOLDING DEPOSITS FOR CONDOS IN PATTAYA.

.LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai 
To date foreigners may own

  - a unit in a registered Condominium

  - a building (as distinct from its land)

  - a registered leasehold of up to 30 years for all types of titled land (and/or buildings).

  - a company can purchase land and buildings only.

  - more than 49% of a condominium unless in Company form.If BOI status different

 - foreigners can own land being not over 49% in a proper Business orientated company but cannot secure a mortgage. Under BOI can buy.

  - if you invest 40m baht you can buy 1 Rai of land in Thailand outright


A 30-year lease can be a good idea with right to renewal to a freehold purchase, or a Thai company (7 PARTNERS) can be established with Thai majority shareholders. Foreigners only own 49% shares in a company but there are restrictions and rules to this as you must have a business running and audited. The other way is to lease for 30 years with R of R or to use an Usufract or superficies to assist you. We can assist you to make sure your company is safeguarded. Remember if you need advice ask us.

PATTAYA INVESTMENT SCAMS: Behind the scenes of fun in Pattaya there are the odd scam artists and one of these is no other than the Australian scam artist Lance Frederick Shaw of www.hiperfinance.com who scammed many foreigners in Pattaya and is still running FREE. Many foreigners have been taken with investment scams, condos never completed nore deposits returned and quick rich scams. [ READ MR SHAWS SCAM ]. Many foreign scammers in Pattaya see Andrew Drummond reporter reports on the ripoffs by forteign property dealers


 

PATTAYA INVESTMENT DEVELOPEMENTS: the famed Ocean 1 Tower:also stopped: World's Tallest residential building ??? 91 Storey Condominium Tower. April 18th 2006 they had sold: 79 units ??? it is said??125000 Euro for 1 bedroom. The price per square meter was 100,000 Baht. Will perhaps it will get off the ground once the Thai situation gets better but the way the politics is going there won't even be a high season as Thaksin & supporters fight for power. [Check out Ocean1 Tower ]

Beware as its not the first time when foreign Business partners have been cheated by Thai partners. It has happened a lot. Never have a limited Partnership in Thailand and make sure the Lawyer you use is straight and unbiased towards you? Go to www.chiangmailaw.com for any help or www.thaiexpatlaw.com

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WHEN TO PAY FOR YOUR PROPERTY

1/. Never pay deposit or booking fee over the Internet. See what you buy first

2/. Look at progress payment reports when, & how much

3/. Check the builder before you sign

4/. Talk to neighbours & others about the Moo Baan or buildings.

5/. Have a person on site to inspect interim work for you

6/. Do not be bullied into progress payments before work completed. If so then some middle man is getting his cut.

7/. When in doubt ask. Seek advice

   

Send your questions to us as we would like to help you?

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If you have a property to rent, sell or lease in Thailand then WRITE TO US as we can advertise for you in our hardcopy news in  Chiangmai . 

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2009 [ BANGKOK PROPERTY REPORT 1 2 3 4 5 6 7 ] [ LEASING PROPERTY ] [ BUYING GUIDE ][ MORE BUYING GUIDE ] [ COMPANIES & LOANS FOR PROPERTY ]

[ Read George Soros Crises report ] [ Thailand in Crises ] [ US EConomy worsens ] [ Asia Crises better than US ] [ Depression safeguards ] [ Depression could come ] [ Thailand Finance News] [ Amex Bailout wrong ] [ AIG abuse bailout funds ] [ GM & Bankruptcy better ] [ Pension Funds ] [ Hedge funds 2008 ] [ Investing fund guidelines ] WHY YOU [ DO NOT INVEST in Finance Companies ] [ Buy Gold not shares in finance companies ] [ Thai Property Speculation & Sub Prime crises ]   [ Investment property guide] [ Borrowing money] [ Using Thai Company to hold Property ] [ Best Option for foreigners buying ][ Thai Property Report 2009 & 2008 ] [ Mortgage & loans on Property ] [ Finance Company guide] [ Hedge funds & Thailand ] [ Borrowing money] [ Using Thai Company to hold Property ] [ Best Option for foreigners buying ]  [ Bangkok Bank lends for mortgages to foreigners

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