Thai Property Market
The Asian economic crisis in 1997 saw the start of a rush to buy cheap overseas homes in Thailand, the market grew gradually until September 2006, when the military coup unsettled the market and put a virtual freeze on property prices in Thailand. The new military regime did not introduce any new laws but did clamp down and began enforcing Thai law regarding ownership of homes, by scrutinizing property transactions involving foreign buyers.
Uncertainty of the rules and regulations caused some potential overseas buyers to withdraw from the market and property price appreciation slowed as the demand for overseas homes diminished. The new government elected in December 2007 has begun to reestablish confidence in the market by removing foreign currency restrictions and reducing land transfer taxes.
The real estate industry latest figures suggest up to eight per cent annual return. Property prices and the cost of living are generally highest in the capital, though Phuket also has a supply of impressive multi-million dollar homes. In the popular resorts like Pattaya and Hui Hin, prices are generally very affordable for foreign buyers and if you deal with some of the better known property developers build quality for new developments is now up to European standards.
The majority of