Whats affecting the Thai Property Market?
There are many people asking the question why has after a step and prolonged rise in the Bangkok property market are prices slowing? There are a number of factors, usually these are attributed to rise in interest rates or slowing of the economy but in the case of foreign buyers these factors hardly contribute to their purchases. In September 2006 the Thai military staged a popular coup to depose the popular but corrupt Prime Minister Mr.Thaksin.
‘The coup caused little stir in Bangkok's popular tourist districts, where foreigners packed beer bars and cabarets just a few miles from where the tanks were posted’, AP reported
Many thought this would have an effect on foreigners buying property in Thailand but the opposite occurred more deals went through. However many thought the draconian visa rules would be relaxed but they were not, ‘The Thai government on Friday announced new visa regulations for tourists limiting the foreign visitors to a maximum stay of 90 days each every six months in order to ease social problems and crime in the country.MCOP reported. This contributed to buyers lessening but not by much. There were also changes made to the company formation where rules were enforced that made buying a house or land under a Thai company, this shook the popular costal resort market greatly. Another event that caused major confusion was the central bank imposed a 30% rule due to capital inflows that meant you had to park this percentage of your funds with the bank for one year.
The Thai government could install confidence again by offering longer lease to foreigners buying land/house as suggested by various chamber of commerce’s, to increase options for visa status of property owners and of course to institute a new democratically elected government.
Atricle by Chris Heath, Soho Properties.
http://www.soho-properties.com
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