Korean Job Discussion Forums

[Poker]

buy a condo/apartment/house in Thailand? I know some of the teachers that stayed in Korea have built up a pretty big nest egg while teaching here. Anyone buy property in SE Asia in cash? How is the investment going for you? I am trying to map out some 4-5 year financial possibilities. I am in my mid 20s.

[northway]

Are you familiar with Thailand's property laws? They're kind of funky, you need a Thai person to co-sign on whatever you purchase.

[Stan Rogers]

[fromtheuk]

I think you can buy a condo without help from a Thai national. I've seen an apartment for �21,000 online.

[oldfatfarang]

OP. Don't buy property in Thailand, unless you're willing to lose your dough (at some stage).
Thailand has specific property rights/laws for foreigners, and they aren't easy to get around. Falang are not allowed to buy land in Thailand.

Options:
1) Marry a Thai - and you can buy land (and build a house on said land). You can also watch as her family move in - and she eventually kicks you out. No redress. You've done your dough. I can introduce you to plenty of falang who've been down this well worn Thai scam.

However, you can get a legal lien (called an abfrunct (sp?) on your house, so that you are considered the lessee of the house (usually 30 years), and it can't be sold by your Thai wife (while you are alive). Good luck getting that enforced in Thailand.

2) Buy a condo/apartment. Your apartment can't be on the first floor (I think), because then you would be owning land. Your apartment will be in a multistorey building - and you are part of a company (with 51 % Thai ownership). Heaps of falang buy condos - most regret it (poor construction, poor maintenance, problems with the Thai company, Thai wives/inlaws changing locks and booting you out etc). I can introduce you to some guys who've lost a lot of money buying condos on 'the plan' (which were never built, or never completed).

Plus, you won't make any money on your condo 'investment, as property developers keep building new condos above market expectations, so it's hard to on-sell - let alone sell a used condo at a profit.

Also, forget about Thais buying your property. They only want new property. To sell you have to find another falang who's willing to 'invest' money in property in a country where they are only considered temporary residents (unless they are married to a Thai). Visa regulations change all the time, so you may be left with a property, that you can't sell, and that you can't use a lot because of visa problems.

Be aware. For more info, and some very sad (or funny) reading - check out www.stickmanbangkok.com. lot's of very sad stories on there. Or have a yarn to the broken men on Beach Road Pattaya. Lots more sad 'investment' stories there, too.

This is just my two cents (based on what I've seen or read). I'm sure someone on here can give you the exact legality of buying Thai property. You could also try the free legal advice service given on www.stickmanbangkok.com.
Chok dee kharp.

[thomas pars]

thailand is spent. head on over to the phillipines. or any where else.

God I hate Thailand.

[oldfatfarang]

[oldfatfarang]

[Poker]

Thank you everyone, I have just crossed Thailand off my list for potential investment. I had no idea it was that bad. Not that I was prepared to throw my money at it without full research, but it's good to get a heads up before I waste research time on red flags.

Thanks again. I appreciate the time that you took to post on this topic. Cheers.

[alwaysbeclosing100]

check out palawan but there are issues with foreigners owning property in the philippines also.

[jvalmer]

I think foreigners are restricted from buying, and actually owning, property in virtually all of Asia except for South Korea, Japan and Singapore.

[northway]