Re: “Chinese owners turning condos into ‘hotels’”, Have Your Say, yesterday.
Well, Thailand has been wooing the Chinese for so long with its condo market, effectively raising real estate prices and saturating the market. And now Thailand is wondering at the domino effect it caused.
Foreigners contribute to major tourism and real-estate revenue in Thailand, especially the Chinese. And not just mainland Chinese but those from Malaysia, HK, Taiwan, Singapore and other countries around the world. They currently hold the purchasing power in their hands and Thailand should be grateful in every way that these guys choose Thailand as a hub to spend and invest their money in for many years.
Thailand is currently sitting on 450,000 unsold condo units alone. If the Chinese are pushed away by an ungrateful attitude they will shop elsewhere, and then things will go into reverse.
Instead of whining about the condos being used in a wrongful way, change the law to pave the way for market demand. Legalise and control it by having separate floors and elevators for permanent residents and nightly guests, similar to many hotel/residences in Pattaya.
Open up the economic opportunity for both locals and foreigners with 60/40 quota sharing. That way Thais can secure rights to buy while limiting those rights for foreigners.
Unfortunately we are currently under a military government wearing a mask of freedom. So I don’t expect such positive changes.