Where are house/property prices heading?

[roberto]

forgot UK, Spain, Portugal, Monaco, Andorra, Egypt and Senegal

[Roppongi]

Some of the prices quoted out at Palm Hills are simply ludicrous.

US$2-300,000 just for the land, and another $1-200,000 for the house.

Hmm, all of this to be 10 kilometers from downtown, on an estate with 2 Islamic temples nearby blarring out music several times a day, one average golf course and precious little else.

And should you make the journey to the Market Village, you can't buy a beer or bottle of wine between 2 and 5 p.m.

Some of these 'developers' still think they're in Hawaii.

With all the vagueness of the law and the general maintenance neglect, you're better off renting, IMHO, just look at Pattaya for proof.

[PeteC]

Some of the prices quoted out at Palm Hills are simply ludicrous.

US$2-300,000 just for the land, and another $1-200,000 for the house.

Hmm, all of this to be 10 kilometers from downtown, on an estate with 2 Islamic temples nearby blarring out music several times a day, one average golf course and precious little else.

And should you make the journey to the Market Village, you can't buy a beer or bottle of wine between 2 and 5 p.m.

Some of these 'developers' still think they're in Hawaii.

With all the vagueness of the law and the general maintenance neglect, you're better off renting, IMHO, just look at Pattaya for proof.

IMHO, you've just penned a very astute and profound statement about farang life in Thailand, regardless of the issue. Just change some of the above words and they will apply to most everything. I think the Thai's know the well will run dry someday, until then???? Pete

[hogus]

Some of these 'developers' still think they're in Hawaii.

What the f***???....means, we aren't, huh?....

I knew that anything was going wrong with my flight-ticket...but whenever I've read some actual developer's magazines, I was pretty sure, that I live at the Cote d'Azur, Hawaii or Florida Keys...I just had to avoid to take a look out of the windows!

[Winkie]

you can't buy a beer or bottle of wine between 2 and 5 p.m.

You can buy in quantities of 10 litres or more between 2pm and 5pm.

My local Foodland in Bangkok doesn't give a toss what time of day it is, they still sell, so maybe worth a try also in HH - otherwise buy 10 litres!

Winkie

[STEVE G]

Winkie wrote;
You can buy in quantities of 10 litres or more between 2pm and 5pm.

Thanks for the information, but I really wish you hadn’t told me that. I sometimes share a bottle or two with a neighbour in the afternoon, now we are going to end up completely mashed! And I will have to take the truck to the shop instead of walking.

[lomuamart]

Can't speak for wine, which is most likely to be sold in outlets that obey the licensing laws, but any corner shop will sell you beer whenever you want.
I've also found that some 7-11s are becoming more accommodating at any time of day or night.

[tj]

Interesting read in this weeks bangkok post regarding companies and the use of for buying properties for falang.
The government knows exactly what these companies are set up for and rumours are that they will soon start investigating these companies and what business they are conducting in trhailand. As we all know that this is nil and if no business sorry you may have no company and what do you think will happen to that nice house you just moved into??
Beware! Beware!!
Of course this will be dismissed by all the developers and agents but what do you expect them to say?
Beware!!!!

[Norseman]

Interesting read in this weeks bangkok post regarding companies and the use of for buying properties for falang.
The government knows exactly what these companies are set up for and rumours are that they will soon start investigating these companies and what business they are conducting in trhailand. As we all know that this is nil and if no business sorry you may have no company

These are rumours and nothing but roumours.
Do we have to take romours into consideration when buying a house?
My thumb of rule is to never invest more money than I can loose, and I've never lost my money just for rumours.
Bring some facts please.
If a company has no turnover/income, must it close down?
Is that a law of roumour or based on facts?

[malcolminthemiddle]

If a company has no turnover/income, must it close down?

The first step to setting up a Thai Company is to register the name with the Ministry of Commerce. Many companies only ever reach this stage without proceeding to full trading status. Because of this and probably other reasons, I think it is every 4 years, the authorities go through the registration of companies and those that have not traded for ? years are struck off the company register.

Well that was the system when I had my Thai company in the 90's, I don't think the system has changed.

A non trading company with assets, that's another question?

Edited typo

[Norseman]

I think it is every 4 years, the authorities go through the registration of companies and those that have not traded for ? years are struck off the company register.

A non trading company with assets, that's another question?

Thank you for answering malcolm.
The case is, I'm are paying appx 4.400 Baht in tax every year for my company, without any kind of trading.
This tax is determined by some % of the house's value.

I guess everybody have to pay this tax.

Then again; your company has no income but are paying tax.
I can't see why this should be illegal and brought to a halt by the Thai authorities?

Anybody?

[malcolminthemiddle]

I think it is every 4 years, the authorities go through the registration of companies and those that have not traded for ? years are struck off the company register.

A non trading company with assets, that's another question?

Thank you for answering malcolm.
The case is, I'm are paying appx 4.400 Baht in tax every year for my company, without any kind of trading.
This tax is determined by some % of the house's value.

I guess everybody have to pay this tax.

Then again; your company has no income but are paying tax.
I can't see why this should be illegal and brought to a halt by the Thai authorities?

Anybody?

Hi Norseman,

I am not qualified to give accounting advice but as I understand it all Juristic companies and partnerships doing business or deriving certain types of income in Thailand are liable for Corporate Income Tax (CIT).

Also Thai companies must submit a financial statement and Audit Report to the Ministry of Commerce by the 31st of May of each year. Returns must be prepared by a licenced accountant and audited by a registered auditor.

I should suggest you ask your accountant (1) for a copy of his license (2) how your company meets the Audit Report requirement without income or expenditure? If the audit was carried out you should also get an annual bill for the auditor, if I remember rightly I used to pay about Baht 12,000 every year for the audit.

You should also clarify exactly what is the Baht 4,400 you have been paying is it Corporate Income Tax and if not what is it?

A non-trading company, with assets and paying taxes? Food for thought.

[hogus]

I have my (not trading) company for more about 5 years now.

Honestly I must confess, that I set it up for buying land & houses.
Negotiations for the purchase of 2 houses for me and my parents began rather successfully.
But we changed our mind immediately, when we found out that even the Immigration Office doesn't accept this kind of investment as legal property-proof in view of a long-term visa-issue.
For me was it a sign, that a serious investment isn't possible yet.
(Why to buy houses, if Officials don't accept this as a legal investment...How to enjoy my investment, if I can't get a long-term-visa for that, as I would do, if I put the same money into a Thai-account or invest it in a Condo...I also don't pay with play-money!)

With my inactive Company I haven't any problems yet.
Still waiting for a nice letter, which is telling me, that I've to start trading or to cancel the Company.
Don't know, whether this will be happen someday, or not?

[Norseman]

Again, thanks for replying malcolm.
I think we all have gone the company-road to become 49% or 29% owners.
I have my Balance Sheets and the two small yellow cards that are your proof for paying tax.
Everything done by the book.

BUT; No Trading!!

1. Must the company have an income or not.
2. Can the authorites shut down your sleeping company if there is no trade/income?

Burger - do you know anything about this?

[johnnyk]

My guess is that if the company is sleeping it could attract unwanted attention, best to have it churn some money around IMO.