Pattaya Daily News

15 June 2006 :: 16:06:33 pm 21114

THAILAND PROPERTY FEAR- The enemy of Investment

We have all heard the story of the Goose that laid a Golden Egg, and how it’s greedy owner beat the poor creature to death, in an effort to get it to lay more of them.
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Well, Thailand would do well to remember, that ‘The Goose’ here is a Farang.
Farangsbring large amounts of Hard currency to The Kingdom, and certainly, they are largely responsible for Pattaya’s present prosperity.
Threats by Chomburi Land Office that they will start ‘scrutinizing’ the shareholders of Limited Companies, formed to allow Farangs to buy Houses, and so on, will soon put the kibosh, on the Housing Market, and who will then buy all those new properties that are springing-up everywhere?  
 
   The word is, that all shareholders will have to be Thai, and not, as in the past only 51%. Chomburi Land Office, who is alone in this, are saying, that “ This is a New Law”.
How can it be a New Law, when we do not have a Government in session?
Laws are made by Governments, in Democratic Countries, not by Local Land Offices, surely?

   Versions of this story have rapidly gone around the World, and many prospective investors are already said to be looking elsewhere. Investors don’t like putting their money into places where there is one way of doing things today, and quite another tomorrow…..

   Estate Agents are running around trying to allay the fears of buyers who have skidded to a halt in mid- negotiation. “We have heard all this before. It will all blow over in a week or so” they are claiming. Maybe so.

  But, the damage could already be done. Not surprisingly, Farangs want security, and a comfortable feeling that their investment is safe, before they’ll buy a house in Thailand.
Think again Chomburi Land office!

Related News
Thailand Property Market… Is The Sky Falling?!?

Reporter : PDN staff   Photo : Internet   Category : Property

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