Thailand attracting expat retirees

[Saddic 31]

Article has some nice info about other SEA countries too... (but seriously, would you buy a place in Thailand? given the current environment?)

 

 

Thailand attracting expat retirees

 

http://www.bangkokpost.com/breaking_news/b...s.php?id=120292

 

Thailand is the leading home-away-from-home for expatriate retirees seeking the sunnier climes of South-East Asia, but the kingdom faces growing competition from their neighbours, a leading international property consultant said Wednesday.

 

Thailand, which has been actively trying to attract foreign retirees for years, granted 12,092 special retirement visas to foreigners in the first seven months of 2006, putting it at the forefront of the regional push to generate revenues off the elderly expatriate market, said James Pitchon, executive director of CB Richard Ellis Thailand (CBRE).

 

According to CBRE, more and more South-East Asian countries are eyeing foreign retirees as second home purchasers (RSH), but Thailand is still in the lead.

 

"Thailand stands in a very strong position competing to attract RSH purchasers against other countries in South-East Asia," said Pitchon.

 

The boom in the property market in South-East Asia has resulted from, among other factors, the rise in property values in Europe and the US that have allowed retirees to sell their homes and move abroad, said Pitchon.

 

Thailand, blessed with two coastlines, warm climate, and a hospitable population, has become a major destination for retirees buying second homes.

 

"If we look at the country as a product, the 'Thai Brand' conveys messages of good quality of life for RSH, including advanced health care, safety in life, adequate infrastructure, beautiful vacations and the readiness of Thailand as a hub of air transportation in Asia," said Pitchon.

 

But he cautioned that Thailand's growing market for retirees faces obstacles, such as restrictions on property ownership, financial facilitation and visa regulations.

 

Compared with Malaysia, where there is no restriction on property ownership, Thailand does not allow foreigners to own land and grants only 30-year leases on land rental. For the ownership of high-rises, it allows 49 per cent freehold of foreigners for condominiums.

 

Malaysia has been the most aggressive country in providing an attractive property ownership, financial aids and visa structure for retired second-home purchasers.

 

The "Malaysia my second home programme" allows foreign sole ownership of land with houses, eligibility for domestic loans to buy the property and a 10-year-visa permit.

 

Even so, over the past five years Malaysia's second home programme has only attracted 8,700 people.

 

Singapore also binds no restriction on freehold condominiums. Although foreigners cannot buy land, the country provides 99-year leases on Sentosa Cove, the only land development specifically for foreigners. China allows 70-year leases for land tenants while Vietnam allows 50-year leases.

 

Thailand, facing growing regional competition in the retirees as second home purchasers market, will need to be "involved in improving a better package of property ownership, domestic financing for foreigners and visa regulations," warned Pitchon.

[zaphodbeeblebrox 0]

That might be some government-planted propaganda or real estate agent marketing . Recent reports indicate that more expats are now retiring to Cambodia rather than Thailand, because of Thailand's new immigration policies. The article's conclusion that Thailand is attracting more expat retirees, is based on property sales data for 7 months of 2006 and visas issued on that basis. That's before Thailand's new immigration policies went into effect. Moreover, I'm not sure property sales data is a good indicator. Why not state the actual number of retirement visas processed in Thailand vs. other SEA countries? How many retirees buy vs. rent? Seems very skewed and very suspicious.

Edited July 18, 2007 by zaphodbeeblebrox

[LocalYokul 217]

with the current situation in LOS I would steer far clear of buying any condo here

 

it's getting more and more difficult just to get a visa here, let alone live here

[MrMango 672]

That might be some government-planted propaganda or real estate agent marketing . Recent reports indicate that more expats are now retiring to Cambodia rather than Thailand, because of Thailand's new immigration policies.

Me thinks that you are exaggerating a little here. A few years ago there was almost none who moved to Cambodia, now there are is a trickle. They have a long way to go to catch up, as they lack all of the infrastructure of Thailand.

 

IMHO, of course.

[zaphodbeeblebrox 0]

I have been reading recent reports, and have learned that the ex-pat population in Cambodia is growing quite fast. If you get booted from LOS, it's nice to know there's an alternative next door. There is no doubt that Cambodia is ass-backwards, but it has a very liberal immigration policy. Check out this link to Stickman's website: Alternatives to LOS

[JONPAT 222]

The number of retirement visas awarded last year isn't a real number of new people retiring in Thailand. Many of that number were there in Thailand the year before but on some other type of visa. The people that were already in Thailand but came of a last year were then eligible to get the retirement visas. Not all but certainly a lot.

[js007 795]

If they truly wanted to attract expat retirees, it would be an easy thing to do. First, they could allow expats to own one house or condo as their primary residence. Second, they could issue the so-called retirement visa for a period of ten years. As it is now, it's a year to year deal, which doesn't exactly give the retiree a sense of stability. Third, they could stop changing the rules every other month.

 

J

[joekicker 53]

If they truly wanted to attract expat retirees,

 

They don't. This is usually the first error. Almost no Thai government agency gives a rat's axx about foreigners retiring here. Maybe the Government Housing Bank that will give loans to property developers, but that's about it.

 

Immigration has a set of rules that retirees can follow if they want to live here. Or not. Up to them.

 

That's the attitude you MUST deal with because they do NOT want to attract expat retirees, they are DISinterested in them. They only are interested if those who do want to retire follow the rules and paperwork. Also they are totally oblivious and also disinterested in any problems any change in rules might or might not cause. It's not on their table of things-to-do.

 

If you don't proceed from that, then you will definitely be frustrated and possibly upset.

[touristman 1]

Me thinks that you are exaggerating a little here. A few years ago there was almost none who moved to Cambodia, now there are is a trickle. They have a long way to go to catch up, as they lack all of the infrastructure of Thailand.

 

IMHO, of course.

 

Mango, you may well be talking out of your hat here.There have been major changes in Cambodia over the last few years.Mostly in Phnom Pehn, but down in Sihanoukville too.There seems to be a bit of a middle class developing there.Don't forget that Thaksin (and his business cronies - The banks etc, etc) got well into Cambodia when he was in power here (Burma too, but to a much lesser extent) and has joined with major families in Cambodia.New shopping malls are popping up, first world development is occuring and there is a burgeoning tourist and expat community there too.Top cable TV is pretty standard (cheaper than here) and the only downside that i can see is the internet speed and reliability...........and the extreme poverty and different nature compared with Thais IMO.

[jacko 8,822]

Mango, you may well be talking out of your hat here.There have been major changes in Cambodia over the last few years.Mostly in Phnom Pehn, but down in Sihanoukville too.There seems to be a bit of a middle class developing there.Don't forget that Thaksin (and his business cronies - The banks etc, etc) got well into Cambodia when he was in power here (Burma too, but to a much lesser extent) and has joined with major families in Cambodia.New shopping malls are popping up, first world development is occuring and there is a burgeoning tourist and expat community there too.Top cable TV is pretty standard (cheaper than here) and the only downside that i can see is the internet speed and reliability...........and the extreme poverty and different nature compared with Thais IMO.

That is interesting as all my first hand experience of Cambodia is a few years old now. But how about transport? Is there a road between Koh Kong and Sihanookville yet? Or do the aircon busses from Sihanookville to PP actually turn the AC on now?