THAILAND HOUSING SITUATION 2009

Property sales in most centres have slowed & but Thailand is not badly affected by the subprime crises as at April 2009. But properties may drop as people realize their financial situation deteriorates. In places like Pattaya as at November 2008 the tourism figures have dropped 50% and theres many condos not started construction and some have slowed due to the lack of buyers--Pattaya also has a gflut of buildings. More foreigners are staying home as the crises bites into all economies & Thai Banks are not saying much to help with lower interest rates & Bank fees which are over the moon -- the Thai families that owqn the Banks want to extract as much out of people as possible & even the fees to withdraw from another town are not documented and should not be passed on to account holders. It will be a buyers market next year as more Thais need to shed properties they don't need or cannot forfeit on their mortgage payments. Many condo complexes in places like Pattaya have stopped & there will be a surge of unfinished condo units soon as people are now wary of investing in condos that are not finished to completion. Developers rely on at least 22% pre sales to stay ahead of their borrowing and without unless they have the cash they themselves will end up in deep water. In Chiangmai the situation is no better and a lot of this is due to the political unrest which does not assist foreigners wishing to buy in Thailand. Some hotels have been built with thoughts of a Casino happening but theres now too many Guesthouses & Hotels.

THAILANDS BEST INVESTMENTS FOR FOREIGNERS:

1/. Undoubtedly if you have over and above put into Gold & Condos. Do not keep money in the Bank here as the rates are next to nothing 2%?? and only bring what you need when you need.

2/. Condos are the best choice not for rental purposes but perhaps long term these will be OK. With the political situation somewhat still unstable these can be held by foreigners and your safest bet as long as the complex owners are OK. Check the required maintenance with Sinking Fund & if theres a Jurassic Management Committee in place as the maintenance in some condos is terrible. Also watch to make sure you are not buying over the 49% limit of condo ownership and please don't get sucked into buying into a condo that is not finished. You may be waiting a lifetime to get your money back if at all as the crises deepens.

3/.Unless your marriage is stable and you have Thai kids then a house is OK but see a lawyer to make sure you cover yourself and children in the event something may happen to your Thai wife or Thai husband. Have your Thai partner make a will in your favour. We emphasis this as the will system here works on an heirarchy system so if your young Thai wife should pass away suddenly you may find the grandmother will now own the house and land not the children. So use a lawyer to make sure the foreign partner has power and remember a freigner can own outright the house? If you are single this is not an option but again draw up contract with lawyer first before you buy anything here.

4/. Stocks and shares -- be careful and never trust a finance company that has no bank backing?? so better to bring just what you need to Thailand and invest the rest back home as safer and better interest rates on your money. Finance companies are going bust in the west due to shodder Govt controls & willy nilly investing by the finance companies themselves so property assets is Ok if you have the cash and be your own bank. Even offshore institutions are not immune. Internet banking is getting better by the day as well to assist your transactions but watch out for the sharks you meet in Thailand who know all the ways to spend your money. Some banks may alter soon as we are seeing in the west.

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