Great Info . But no mention is made to the new tax laws that sure affected MY decusion to buy this year. ..and put me on hold. No one seems to understand them....and until there is a clarification ..I think it is foolish to reach out and catch a falling knife...by buying a house in a falling market that could be a very long term issue. ..(by double taxation )
The big Sale already started.... more and more people try to sell a condo or villa but very overpriced and difficult to sell. When they change the law to 75% there will be another 500-700k objects on the market.
"When they change the law to 75% there will be another 500-700k objects on the market." Can you elaborate? Raising the foreign quota limit doesn't mean new condos suddenly appear on the market. They're already built. If anything, raising the foreign quota will help with absorbing supply as these units can now be sold to everyone, not just Thais.
IMO Not Yet for4 used property - it is gonna get worse before it gets any better. New prices will have an uptake when the tourist season starts in Oct/Nov as usual, but I expect next Mar/April it will drop even more. There is massive over-supply in Bangkok and next year will see even more falls in prices until Oct/Nov 2025.
Thailand has never been a good real estate opportunity in my opinion. It's way over priced and Thais want way more than what their properties are worth. Renting is by far the best way to go in this country and always will be. Huge surplus of real estate in Chon Buri and Bangkok.
Hello everyone, does anyone have any information about the project to increase the foreign quota to 75% for Condos? When will it be implemented, the conditions, will it be for new condos for sale off-plan or all condos, even old ones? If anyone has any information, I'm interested. Thank you
And developers are still launching projects. Where I live - a river side area - around 2,500 new condo units will be added in 3 years time. I'd love to see the details of the developers' viability appraisals.
You’d have to be really uninformed (don’t want to say “crazy”) to buy a condo in Thailand. Economy is going down. Infrastructure is awful. Air pollution in Bkk is off the charts from around Dec-May. You can buy REITS, invest in more stable/safer countries, etc.
Most people buy as their primary residence or a second holiday home. In a recent survey, only 18% said they are buying as a pure investment. Infrastructure: Bangkok’s skytrain/subway network is clean, modern, and more extensive than most US cities. Most of the condos I feature on my channel are close to a station, allowing you to bypass all the notorious Bangkok traffic ;) I really love flying Bangkok Airways and apparently so do others. Skytrax in 2024 named it “World’s Best Regional Airline” Anecdotally, my Wifi and 4G experience in this city has been buttery smooth in the vast majority of times. Pollution: In December 2023, there were 4 days where the air was deemed “unhealthy for sensitive groups” and 0 days where the air was deemed “unhealthy for all groups” In Jan 2024, it was 9 days and 3 days Feb, it was 7 days and 5 days March, it was 2 days and 0 days April, it was 2 days and 0 days May, it was 1 day and 0 days. Source: aqicn.org/city/bangkok/
Houses and commercial property are always a good investment WHEN they are bought below market. That is every day of the year no matter what the market - typically better during an economic downturn, more options. Condo's waste of money, not even the Thai's want to live in a condo given they typically lose money, are very small, and the rents don't pay well on a % ROI basis of at least 7-10% a year after expenses. Yup, I know the business, live in Thailand and buy/sell/renovate real estate - not a single condo ever. Of course, I only deal in high end real estate which the market is just fine! Plenty of rich people out there that are never affected by an economic downturn, just better deals based on timing. For the rich, it's not about the money, it's about the "must have." LOL Ah yes, and our turn-over-rate is 13 days on average. No issues here in the real estate market - money is flowing fine for very nice properties...
It's the new tax law. Who wants to buy, when the money you are bringing into the country is taxed, thus increasing the cost of the condo. Also, the excessive focus on facilities just adds to the cost. These additional facilities need to be reserved and adds to the monthly cost and is something I would rarely use but still have to pay for. I rather direct my budget on the space where I am living and spending most of my time.
If you're not a tax resident of Thailand, or if you have the Long Term Resident Visa, you will not get taxed on foreign-sourced income. For the rest, to quote Integrity Legal: "There has been no major change to the tax law. Guidelines and memoranda have been issued in the Thai Revenue Department to change the assessability criteria of certain types of revenue, but we have not actually seen a fundamental overhaul of Thailand's tax laws. They've talked about it; just talking about it doesn't make it so."
I'd be nervous about a developer discounting by 30% on Day One. Developers play games with pricing. Often, the 'market price per square metre,' they discount from is fiction. I was recently offered a discount on the headline price per square metre. I was told the price was "final". Three days later, I was offered a further discount; the price was still too high. It is a game. Do not be embarrassed to offer less! The market is awash with unsold stock, yet developers keep on launching new projects. 1997 anyone?
Developers also take on a lot of risk. They buy the land, build the condo, contend with delays, have to sell off their stock, and in many cases by the time a project completes the market condition may have already shifted. If you're curious, this article posted the top 10 publicly registered real estate development companies by profit in 2023. The second column is profit in million baht. www.thairath.co.th/money/economics/thailand_econ/2766992
Buy or wait? I feel like the sales are not telling the truth. when I ask how much of the project is sold. The fq price and “local” price is just plain annoying.
I don’t think any condo sales person, regardless of country, would be blatantly open about their sales numbers. Regarding the price difference, Bangkok condos usually allocate the foreign quota to the best units because they want to sell them quick. Naturally, the best units in a condo will be priced higher.
@@JettGunther Is FQ "allocated" in advance? I have never been told that by developers. The quota is calculated on the total floor area of the building. FQ reduces as the amount of floor area bought by non-Thais increases. As you know, when 49% of the floor area has been bought by non-Thais, the FQ is fully absorbed. In other words, FQ is set by buyers not by the developer. Many buildings have less than 15% foreign ownership. I have heard that wealthy Thais have their units 'designated' as FQ, but I do not know the mechanics of this process. Developers vary their prices according to position, type and floor level. Higher floors and corner units have higher prices. Finally, the main developers know the wealthy Thai buyers and give them the nod before a project is launched. Moneyed Thais are offered the best units first.
There is never a fixed formula as each building can technically do whatever it wants, but it would be against the building's benefit to not designate the best units as part of their foreign quota. That way, the unit can be marketed to the entire world and not just Thais. "I have heard that wealthy Thais have their units 'designated' as FQ" - possible as they want to make sure their asset is re-sellable to the world, not just to Thais. However, getting FQ designation can come at a higher premium. "Moneyed Thais are offered the best units first." It's VIP clients are offered the best units first, and VIP status is determined by past spending, not nationality. In other words, condos often notify past clients first of future projects, whether Thai or foreign. You can see more info on this here ua-cam.com/video/vT8SlY2cg9c/v-deo.htmlsi=jHxmB3q-gNj5Nf_T&t=1239
@@JettGunther You cannot 'designate' units as 'foreign quota'. Foreign quota relates to floor area, not to individual units. Now, a developer might choose to market their project overseas first. If this is successful, the first sales will absorb 49% of the floor area and only 'Thai' units will remain. Also, Non-Thai pricing exists. I have personal experience. I was quoted a ridiculous price for a unit. I declined. It was bought by a Thai for around 2 million less. It is now on sale for less than he paid.
@@JettGunther Foreigners have no (citizens') rights in Thailand. What if the owners of the building decide to sell it, or even tear it down? The money would be lost.
YOU are the owner. Let's say a condo has 100 units which are 100 title deeds. If 100 people buy them then all 100 people are co-owners of the condo who all have a say in what is to be done with the condo. This is standard not just in Thailand.
@@JettGunther If there are problems, like building damage, or the company goes belly up, you lose your investment. As foreigners have almost no legal rights in Thailand, good luck with that! Better to "spend" the money at the casino...
Are you only talking condos? Because foreigners are not allowed to own houses -only lease them for 99 years- or something like that ? So can you explain..
In this particular video, I'm talking about the entire residential real estate market which includes single family homes, condos, twin homes townhouses, etc.
Looking for property in Thailand? We’ll help you find the best place 👉 jettgunther.com
Great Info . But no mention is made to the new tax laws that sure affected MY decusion to buy this year. ..and put me on hold. No one seems to understand them....and until there is a clarification ..I think it is foolish to reach out and catch a falling knife...by buying a house in a falling market that could be a very long term issue. ..(by double taxation )
I discuss the potential tax issue in 06:14 of this video
Tax is a big thing.
I would wait until next year. We’ll see how tax changes affect.
FIRST! This is a very informative video and I’m sending to my friends in the States.
Awesome. Thank you! 🙏
The big Sale already started.... more and more people try to sell a condo or villa but very overpriced and difficult to sell. When they change the law to 75% there will be another 500-700k objects on the market.
"When they change the law to 75% there will be another 500-700k objects on the market."
Can you elaborate? Raising the foreign quota limit doesn't mean new condos suddenly appear on the market. They're already built. If anything, raising the foreign quota will help with absorbing supply as these units can now be sold to everyone, not just Thais.
IMO Not Yet for4 used property - it is gonna get worse before it gets any better. New prices will have an uptake when the tourist season starts in Oct/Nov as usual, but I expect next Mar/April it will drop even more. There is massive over-supply in Bangkok and next year will see even more falls in prices until Oct/Nov 2025.
@@AussieBob999 🙏🏽🙌🏽🤙🏽👌🏽
Also, there is massive oversupply in Chonburi. The BP reported last week that there are17,300 unsold condos and 11,924 unsold houses.
@@jamesbarr2357properties in Bangkok still remain unattainable.
Thailand has never been a good real estate opportunity in my opinion. It's way over priced and Thais want way more than what their properties are worth.
Renting is by far the best way to go in this country and always will be.
Huge surplus of real estate in Chon Buri and Bangkok.
Thumbs up 👍 Jett
Hello everyone, does anyone have any information about the project to increase the foreign quota to 75% for Condos?
When will it be implemented, the conditions, will it be for new condos for sale off-plan or all condos, even old ones?
If anyone has any information, I'm interested.
Thank you
Right now it’s just a proposal. No real verdict or timeline yet.
Are We in a Real Estate Buyer's Market in Thailand? NO !
Prices are too high at the moment and will fall as demand falls.
Seems like quite a large amount of projects in Chonburi currently in development. Wonder if the market will be saturated.
And developers are still launching projects. Where I live - a river side area - around 2,500 new condo units will be added in 3 years time. I'd love to see the details of the developers' viability appraisals.
Great info as always!
Thanks again!
Jett, when we are talking legal years, what calendar is used? Does it start on January 1st?
If you’re referring to the part where I talk about the tax announcement, I’m pretty sure it starts January 1st.
@@JettGunther thank you
You’d have to be really uninformed (don’t want to say “crazy”) to buy a condo in Thailand. Economy is going down. Infrastructure is awful. Air pollution in Bkk is off the charts from around Dec-May. You can buy REITS, invest in more stable/safer countries, etc.
Most people buy as their primary residence or a second holiday home. In a recent survey, only 18% said they are buying as a pure investment.
Infrastructure:
Bangkok’s skytrain/subway network is clean, modern, and more extensive than most US cities. Most of the condos I feature on my channel are close to a station, allowing you to bypass all the notorious Bangkok traffic ;)
I really love flying Bangkok Airways and apparently so do others. Skytrax in 2024 named it “World’s Best Regional Airline”
Anecdotally, my Wifi and 4G experience in this city has been buttery smooth in the vast majority of times.
Pollution:
In December 2023, there were 4 days where the air was deemed “unhealthy for sensitive groups” and 0 days where the air was deemed “unhealthy for all groups”
In Jan 2024, it was 9 days and 3 days
Feb, it was 7 days and 5 days
March, it was 2 days and 0 days
April, it was 2 days and 0 days
May, it was 1 day and 0 days.
Source: aqicn.org/city/bangkok/
Houses and commercial property are always a good investment WHEN they are bought below market. That is every day of the year no matter what the market - typically better during an economic downturn, more options.
Condo's waste of money, not even the Thai's want to live in a condo given they typically lose money, are very small, and the rents don't pay well on a % ROI basis of at least 7-10% a year after expenses.
Yup, I know the business, live in Thailand and buy/sell/renovate real estate - not a single condo ever. Of course, I only deal in high end real estate which the market is just fine! Plenty of rich people out there that are never affected by an economic downturn, just better deals based on timing. For the rich, it's not about the money, it's about the "must have." LOL
Ah yes, and our turn-over-rate is 13 days on average. No issues here in the real estate market - money is flowing fine for very nice properties...
It's the new tax law. Who wants to buy, when the money you are bringing into the country is taxed, thus increasing the cost of the condo.
Also, the excessive focus on facilities just adds to the cost. These additional facilities need to be reserved and adds to the monthly cost and is something I would rarely use but still have to pay for. I rather direct my budget on the space where I am living and spending most of my time.
If you're not a tax resident of Thailand, or if you have the Long Term Resident Visa, you will not get taxed on foreign-sourced income.
For the rest, to quote Integrity Legal: "There has been no major change to the tax law. Guidelines and memoranda have been issued in the Thai Revenue Department to change the assessability criteria of certain types of revenue, but we have not actually seen a fundamental overhaul of Thailand's tax laws. They've talked about it; just talking about it doesn't make it so."
Got 30% off launch price on a Condo in Silom a month ago 😅
Nice!!! Congrats
Launch means off-plan or delivered?
What’s the condo project ?
I'd be nervous about a developer discounting by 30% on Day One. Developers play games with pricing. Often, the 'market price per square metre,' they discount from is fiction. I was recently offered a discount on the headline price per square metre. I was told the price was "final". Three days later, I was offered a further discount; the price was still too high. It is a game. Do not be embarrassed to offer less! The market is awash with unsold stock, yet developers keep on launching new projects. 1997 anyone?
The problem is that majority of profit is made by developers. Ordinary foreigner don’t have much room to navigate.
Developers also take on a lot of risk. They buy the land, build the condo, contend with delays, have to sell off their stock, and in many cases by the time a project completes the market condition may have already shifted.
If you're curious, this article posted the top 10 publicly registered real estate development companies by profit in 2023. The second column is profit in million baht. www.thairath.co.th/money/economics/thailand_econ/2766992
Buy or wait? I feel like the sales are not telling the truth. when I ask how much of the project is sold. The fq price and “local” price is just plain annoying.
I don’t think any condo sales person, regardless of country, would be blatantly open about their sales numbers.
Regarding the price difference, Bangkok condos usually allocate the foreign quota to the best units because they want to sell them quick. Naturally, the best units in a condo will be priced higher.
@@JettGunther Is FQ "allocated" in advance? I have never been told that by developers. The quota is calculated on the total floor area of the building. FQ reduces as the amount of floor area bought by non-Thais increases. As you know, when 49% of the floor area has been bought by non-Thais, the FQ is fully absorbed. In other words, FQ is set by buyers not by the developer. Many buildings have less than 15% foreign ownership. I have heard that wealthy Thais have their units 'designated' as FQ, but I do not know the mechanics of this process. Developers vary their prices according to position, type and floor level. Higher floors and corner units have higher prices. Finally, the main developers know the wealthy Thai buyers and give them the nod before a project is launched. Moneyed Thais are offered the best units first.
There is never a fixed formula as each building can technically do whatever it wants, but it would be against the building's benefit to not designate the best units as part of their foreign quota. That way, the unit can be marketed to the entire world and not just Thais.
"I have heard that wealthy Thais have their units 'designated' as FQ" - possible as they want to make sure their asset is re-sellable to the world, not just to Thais. However, getting FQ designation can come at a higher premium.
"Moneyed Thais are offered the best units first." It's VIP clients are offered the best units first, and VIP status is determined by past spending, not nationality. In other words, condos often notify past clients first of future projects, whether Thai or foreign.
You can see more info on this here ua-cam.com/video/vT8SlY2cg9c/v-deo.htmlsi=jHxmB3q-gNj5Nf_T&t=1239
@@JettGunther You cannot 'designate' units as 'foreign quota'. Foreign quota relates to floor area, not to individual units. Now, a developer might choose to market their project overseas first. If this is successful, the first sales will absorb 49% of the floor area and only 'Thai' units will remain. Also, Non-Thai pricing exists. I have personal experience. I was quoted a ridiculous price for a unit. I declined. It was bought by a Thai for around 2 million less. It is now on sale for less than he paid.
I can't buy property in Thailand because I'm not a Thai National😢
Foreigners can own condos 100%
See this video for details ua-cam.com/video/fMgP21zm6H8/v-deo.html
@@JettGunther thank you!!! Ill watch the video. Best news ive had all week!!
@@JettGunther Foreigners have no (citizens') rights in Thailand. What if the owners of the building decide to sell it, or even tear it down? The money would be lost.
YOU are the owner. Let's say a condo has 100 units which are 100 title deeds. If 100 people buy them then all 100 people are co-owners of the condo who all have a say in what is to be done with the condo. This is standard not just in Thailand.
@@JettGunther If there are problems, like building damage, or the company goes belly up, you lose your investment. As foreigners have almost no legal rights in Thailand, good luck with that! Better to "spend" the money at the casino...
Are you only talking condos? Because foreigners are not allowed to own houses -only lease them for 99 years- or something like that ? So can you explain..
In this particular video, I'm talking about the entire residential real estate market which includes single family homes, condos, twin homes townhouses, etc.