Phuket Property Scams, what you need to know
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- čas přidán 21. 05. 2022
- Phuket is a beautiful Thai tropical island with beaches, jungles, plenty do do for the young and the families. It’s also home to its share of scams. Plenty of the better known scams vary from inconvenient to moderately annoying. Then there’s others that can rob you of serious amounts of money.
Now, as we’ve said at The Thaiger many, many times, that before signing anything or handing over money in Thailand DO YOUR HOMEWORK. Just a short check on the internet, relating to just about anything, including the topic we’re covering today, will save you a lot of hassle and heart ache. And perhaps your life's savings.
Today Tim Newton will take you through how some of the big ticket, high level, property scams operate in Phuket. And there’s been plenty of them. There's also a second part of this video, next week, which will take you through a check-list of ways to avoid being 'scammed' in the future.
This video was made in collaboration with Helicam. For any aerial photography or videography visit: www.helicam.asia/
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When you shake hands on the deal, then count your fingers to be sure
I am a buyer's agent for investors and ex-pats/retirees and digital nomads wanting to invest or re-locate to Thailand. I am very happy you started this series. Thank you
More to come. Better transparency is better for everyone.
@@TheThaiger YES I agree with you The Thaiger as we know very well that the Phuket real estate marketplace is lacking and needs much more transparency to bring back the lost foreign investment taken from Phuket from neighboring Southeast Asian nations that are offering better sea view deals that Phuket cannot compete with including the inland mountain view deals as well. Phuket is not the only game in town and the global realtor investors know this for some time now.
Only a complete fool would buy anything in Thailand other than their meals. RENT EVERYTHING, esp. girls and condos. NEVER BUY or you will be scammed.
Super words ....thank you !
YES, I was scammed on my first purchase decades ago but did very well many times later after doing my research and making friends with the right people and my Thai family is protecting me from the scammers.
Just rent. Easy and cheap and you can move around to find the one that suits eventually if that's your end game. If not you can up sticks and move if situations change and invariably they do. Never buy any property unless it's fully built and registered. I really can't understand anyone that takes that gamble.
To many alkoholic lushes in T. 😁
Yes, my advice is to rent first no matter how long it takes until you find the right deal to invest in. This is what I did on Phuket island.
In october 2010 I bought my new studio in a new condo building which was part of an 8 building project just outside Phuket town close to the Central Mall on the high way , the complex was called the green places by Phanason . All was fine for a while . Then 5 years later I noticed the project stalled and never went beyond the 3rd building , employees were grumbling . Soon the electricity and water was getting cut off and the water in the taps was turning brown due to lack of maintenance . One drama followed another and one day everything was cut off ,no employees at the front desk no security guards . A meeting was held on the terrace between the owners and we appointed a lawyer to register our own new building status with the land office and we paid all the dues to the government and new management was appointed . I lived in my condo in BKK mainly and i waited 2 years and sold my unit , never went back to Phuket .
:(
Phuket whilst pretty seems to be one of the most corrupt places in Thailand.... I can't imagine living there full time...
Thanks Tim..... Sadly Fazwaz advised the property I wanted to buy back in Jan which just came on the market a week previous was no longer for sale - luckily I got in touch with the agent actually selling it that the information was scraped from and made the purchase within a few days after..... Guess what - the property is still listed for sale on Fazwaz 4 months later.... Something very dodgy going on there but the purchase was completed without issue...
My experienced advice is not to work with agents ever. Find the true Home Owner directly and use a trusted Thai National to do your negotiation first. Thank You
@@BarryAnderson great advice if you have the opportunity.. but I'd guess there would be so few that do...
@@evansmusic2009 My best advice if you can is to buy real estate that you can afford as early as possible in your life using Government assistance let's say in the USA marketplace. It is called FHA loans at 3 percent down and this is how I started so many years ago. Then used my USA appreciation of Real Estate to re-invest in the Phuket Market place. It is about PLANNING
@@BarryAnderson I live in Sydney and did just that, but bought a cheapest end unit after living as cheap as possible and saving for about 6-7 years for a deposit - not as an investment though, as a home because I couldn't afford both that and rent - no gifts/family to help with a head start into the market as way too many have.... The Thailand place also cheapest end in the foreign quota but good size and condition with low fees -my plan not to invest but as a possible retirement plan. Rents are too low so prefer the place not to be trashed.... I think investment property is generally great at keeping people already with a good amount of cash earning a passive income, but here in Australia it's too widely used as a tax write off by people that shouldn't really be investing which pushed up even the cheapest property to a point whereby people live illegally up to 10 in a sectioned off 2 bedroom unit because affording anything else just isn't feasible!
Thanks for the tips.
Excellent presentation. Very well explained. Congratulations.
Great content. Thanks
I bought into a new development up in the hills overlooking Surin Beach just north of Patong Beach in 1999. All single family homes with pools in a Thai style theme. Beautiful views, quality construction, amazing landscaping, and Bitish/Thai Management. At the time I though it was expensive. Turned out to be the best place to retire part time for me as well as an investment. Never buy into a place that has yet to be built and always talk to current residents before purchasing. Look at how much banks, individual investors, and prospective clients lost out on that massive concrete skeleton at the SouthPattaya Harbor.
Great counsel. Thank you
Good advice and I myself invested in 2 successful locations on Phuket island one in Chalong and one in Rawai.
Don't buy is the answer a foreigner can't own land in Thailand.
No, but can purchase a condo
True a foreigner cannot legally own land in Thailand and many countries around the world have this Law but it still does not stop foreigners from investing. You can legally secure the land deal with a proper Thai Registered Company. And you cannot take the land with you and this applies to Thai Nationals as well.
@@BarryAnderson True when your dead who give a Fk. My Thai wife and family will remember me as I am accepted and loved.
The question was what you need to know about buying real estate in Thailand? Don't do it because you can't.
you get your freehold deed when purchasing a condo or apartment unit in thailand as long as the number of foreigners dont exceed 50% which is never the case even in BKK , far from it , i dont think there is any condo in BKK which has more than 4-5 foreigners living in them .
No real information here. Hope the next video is better.
Sorry not all of us know everything yet like some .I found it very informative
@@somekindaguy100 dont you know, @ Victor Herrera is the oracle here. I think he is mega wealthy and related to Carolina Herrera. I think he owns one of those Yachts that sail into Phuket between November - March. In the future, if there is anything you have to know, just ask Victor Herrera Bro! 🤣🤣
I have to say that the last few seconds of this video was really bizzare... after several minutes talking about shady Phuket developers running away with investors money... spoken to ominous music... the announcer goes into a Cheerful voice... "and to check for the latest properties in Phuket ... go to our website" really... was that the best timing to promote your real estate sales division?
Watch out for management fees and irregularities when buying condos in Thailand
New Nordic the highest profile one known so far. Another is Blue Horizon, still buried and not making news. Grand Himilai, Himalai, Beachfront etc etc - owners outright scammed. Covid was perfect for these developers who got to time their exit perfectly while investors weren't able to travel and verify.
Google is your friend. Google top/best 10 property developers in Thailand.
There are a couple article that list them. Most of them are listed on the Thai stock exchange.
A number of them have been around since the mid 1980s.
Each of them have a number of brands targeting the low, mid and high end markets.
Secondly, I would not buy a condominium in a international tourist enclaves, in one wants to live in it, unless one wants to live in condominium filled with tourists.
Short term rentals (less than a month) of condominiums is illegal in Thailand.
However, notwithstanding, the international tourist enclaves in effect operate under their own set of rules or enforcement regimes (another example is bars and nightclubs, nightlife regulation) and the enforcement of prohibition of short term rental of condominiums is rather patchy to the least in the international tourist enclaves.
The reason being, or course, being it is all about giving the international tourists what they want.
So long as everyone gets a slice of the pie, it’s all good. right?
"Do your homework." I'll do it for you. It's simple. You have a high chance of losing money and a 100% chance of overpaying for property in Thailand. And the legal system is a joke so you aren't protected. Look into Collin Vard and others who lost everything.
Yes, correct and we will look into it thank you.
Always do your homework on the developer. And more importantly if you look at it as an investment, then it is not. Look for older apartment, nicer, bigger, keep the budget low.
basically a 7+ minutes of blurb with no substance, besides at the end .....advertising property listings..what a joke🙈
It's better you don't spend your money on things like this....come and rent for a while then move on.
Spot on!
@@ThuyPham-lr5dc YES Rent First then study the market and your options with the Thai Owners first then conduct your own individual comps as The Thai Real Estate marketplace has no such thing as comps to protect the buyer investor. Thank You
No investment condos for foreigners in Thailand to make any money. As Thai’s get a cheaper price than the foreigners plus there is a % to how many foreigners to Thai’s in each condo building.
My advice is to stay far FAR away from the condos as they are way overpriced for what you are getting plus the outrageous maintenance fees on top and they depreciate and are difficult to sell in the competition against the new condo sales marketplace. The land is a much better investment and appreciates in value over time way more than any condo does from my experience. Real estate in the USA has legal checks and balances whereas Thailand does not have.
Build your own.
Tim in that white shirt looks like Bruce Willis... nid noy. 🙏
Wheres the second video?
I am a buyer of property in Phuket, I was promised a return of 7% per year. I am still in contact with the developer at this time. But I have not seem any of that money promised. Have I been scam?
I have the same situation, let's cooperate, share your contact please
Yes
Why would i ever buy a property in thailand???? The good thing about being a falang or expat or sexpat in thailand is that you can move around wen ever you feel like it its always best to rent apartments or hotels even thai people loose wen buying property in thailand houses are crazy expensive in the kingdome but renting a house or apartment is super low cost... no need to buy a house or apartment wennur retired and half way passed dead... you dont need to invest at such a late age
YES Do your homework well in advance. Correct as you state The Thaiger😃.
Great video
never buy anything till its built in thailand
YES, good advice. I lost money buying off-plan and will never do it again as I learned from my first mistake. Always buy when the project is completed and visit the site and compare the other properties first before closing is a good rule of thumb. 👍
YES, Land & Houses Park Chalong built the home first for investors to see what they are investing in. Never buy OFF PLAN EVER and this applies to any country really. Do not deal directly with developer agents ever. Work with the THAI National owners direct and use your Thai Family or close Thai National Friend to negotiate on your behalf. Find a trusted good Real Estate Thai law firm that speaks your language and will serve you honestly.
Nice video,i prefer not to buy anything in thailand and it is never yours.even they say it.
You will register the property as a Thai Company with yourself as a foreigner owning 49 percent of the company shares and the 51 percent can be divided among other Thai Nationals giving the foreigner legal majority shares as an individual.
Title should read "Thailand = scam"
Every country has scams
@@duncanboard9452 I hope she doesn't take ur home in the future🤞
The property scams are all known and are simply copied from other tourist markets.
They are farang property scamers that are simply using Phuket to facilitate the same that they have designed, developed and used elsewhere.
For example all the scams mentioned, I have heard of many, many times before. Every time there is a new boom location, the punters line up to loose their money.
A lot of Asian/Chinese and people from other states in Australia have lost a lot of money to scam property developers on the Gold Coast in Queensland, Australia.
It is a well known fact, in the expat community, that one may loose a bit of money to Thai taxi drivers, jet sky operators etc but if you want to loose your life savings then do business with farang (including property developers) who have no ties to the local community, can leave the Thailand at a drop of a hat.
Every migrant community gets exploited by those within the migrant community. Countless movies have protrayed this phenomenon. It is somewhat bemusing to see farang fall into the same trap.
It happens everywhere.
@@anthonyorme Never Ever buys off-plan in any country ....Selling Swamp Land in Florida the old sane goes .....
Thaigerproperty.com I will visit your site for more information and make contributions if possible?😀💪🫀 from the heart and with 30 years of knowledge doing my investing as a buyer and seller both in the USA and in Phuket Thailand. Very good advice that really cannot be covered in just one video really. Retired Realtor /Animator Barry Anderson will read more of your content and then return with some of his Real Estate Experience to share on Phuket Island from his Registered Thai Company.