Precious time races by and on the face of it little, if nothing, seems to change regarding the reticence of the Thai government in relation to seriously stimulating the property sector – or has it? The Transfer Fee has indeed been slashed to 0.01 per cent while sales of condominiums are increasing at a quite alarming rate – along too, with their respective prices per square metre. Moreover, the heralding of government rhetoric of leases being increased from 30 years is also prevalent. Nevertheless, in order for the law to be passed, this thorny predicament has to survive 3 readings in parliament…Hmmm…we’ll see. But something needs to be done, and soon.
Vietnam and Malaysia have been peering over Thailand’s inimitably tall shoulders for some time now, ever ready to pounce. They want Thailand’s crown; it’s seemingly ubiquitous and eternal magic. However, all is not lost. The Kingdom of Thailand is not yet ready to give up her glorious crown. Those Thais in the echelons of power are, it seems, making more positive noises. With government steps also now being put in place to protect condominium buyers in relation to getting what they originally paid for in light of surreptitious condo marketing campaigns, it’s all beginning to look better and better. Therefore, instead of condominium buyers previously not getting ‘exactly what it says on the tin’ – they will in fact be getting just that. Things could indeed finally be on the up and up for all involved in real estate in this most wonderful of countries.
The fundamentals are, slowly but surely, being put into place, piece by piece. As they say: patience usually has a habit of paying off. I think, finally, cautious optimism could be the order of the day.
For further information regarding real estate in Thailand contact,
Simon Pinnock
Office Manager
Siam Property
