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Pattaya Daily News

21 July 2007 :: 15:07:44 pm 21033

Property for expat retirees in thailand face growing regional competetion

Thailand faces growing regional competition in the retirees as second home purchasers market, will need to be "involved in improving a better package of property ownership, domestic financing for foreigners and visa regulations," warned James Pitchon, executive director of CB Richard Ellis Thailand (CBRE), according to Bangkok post breaking news.
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Thailand has been actively trying to attract foreign retirees for years, granted 12,092 special retirement visas to foreigners in the first seven months of 2006.

Although Thailand is facing growing competition from their neighbours, but Thailand still stands in a very strong position competing to attract RSH (Retirees as Second Home) purchasers against other countries in South-East Asia,” said Pitchon.

The rise in property values in Europe and the US have made retirees to sell their homes and move abroad where it is cheaper countries and sunnier climate in South-East Asia like Thailand which has two coastlines and a welcome hospitality, including advanced health care, safety in life, adequate infrastructure, beautiful vacations has become the major destination for buying second homes.

But he cautioned that Thailand’s growing market for retirees faces obstacles, such as restrictions on property ownership, financial facilitation and visa regulations.

Compared with Malaysia, where there is no restriction on property ownership, Thailand does not allow foreigners to own land and grants only 30-year leases on land rental. For the ownership of high-rises, it allows 49 per cent freehold of foreigners for condominiums.

Malaysia allows foreign sole ownership of land with houses, eligibility for domestic loans to buy the property and a 10-year-visa permit.

Singapore also binds no restriction on freehold condominiums. Although foreigners cannot buy land, the country provides 99-year leases on Sentosa Cove, the only land development specifically for foreigners. China allows 70-year leases for land tenants while Vietnam allows 50-year leases.



Outlook for 2007

Another source of the Property Market forecast from the real estate services and investment management firm Jones Lang LaSalle gave the Promising Outlook for 2007

30 November 2006 – The Bangkok property market is finishing 2006 solidly in spite of unfavourable conditions through most of the year. Though the political uncertainty, both before and after the September’s coup, and higher oil prices have overshadowed prospects for the Thai economy, demand across property sectors has been sustained, according to real estate services and investment management firm Jones Lang LaSalle.

Mrs. Suphin Mechuchep, Managing Director of Jones Lang LaSalle in Thailand, comments: “The Bangkok property market has proven resilient in 2006, affected only slightly by factors such as the political turmoil and higher oil prices as well as interest rate increases that Thailand experienced earlier in the year. Sustained demand was reflected by both steady growth in selling prices and rents, as well as the successful introduction of new supply in the various property sectors. The residential markets, particularly those for mid-to-low priced units, have remained generally healthy in the face of stiffer competition from new supply and more caution on the part of buyers. The commercial property sectors have performed well with low vacancies and rising rents.”

Jones Lang LaSalle foresees a positive environment for the Bangkok property market in 2007. “There are a number of factors that make us optimistic about next year’s outlook. Interest rates have remained stable over the latter half of this year and are not expected to jump significantly next year. Fuel prices have trended downward having peaked earlier this year, benefiting the overall economy and the property sector. Rising construction costs have moderated this year and are expected to remain flat in 2007,” say Mrs. Suphin.

“The mass-transit projects recently approved by the interim government, in particular, will have a direct and tangible impact on the Bangkok property market. These projects will boost government spending, resulting in more private sector employment and stimulating the overall economy. Areas which are currently not served by mass transit but for which plans are in the pipeline will present opportunities for new development once construction of those new mass-transit projects begins,” she adds.

Reporter : PDN staff   Photo : PDN staff   Category : Property

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