Quote:
Originally Posted by 5 south
I have to agree along these lines or something because I can't believe a govt would be that stupid. They could just offer everyone amnesty who wants it and charge them 2,000bt a month for visa renewal. At least that alone is going to pay all the immigration dept's salaries. Immigration dept is going to be just be another drain on the coffers now once they kick all tourist visa people out.
Guess they're taking the USA route and try to foreclose on as many as possible, let the banks gobble up all the properties to hand over to their buddies.
The market in Thailand is pretty opaque, especially to foreigners, so it's hard to say how much has been sold to Chinese buyers for cash, how much is owned by foreigners that don't rely on local incomes, how much by wealthy thais that just keep property as a piggy bank and couldn't care less if it's empty as long as make belief valuations remain and how much by credit jugglers that leveraged family property as collateral to flip condos sold on completion / to buy up land and can't handle a year without good cash flow, how much by locals with normal incomes and no collateral that will foreclose if they can't work for 6 months upwards etc.
It's safe to say since non loan shark consumer credit became available people are way over leveraged with fancy cars etc. and prices for rents and food became way inflated for a 3rd world city that is all face no substance (flimsy low quality condo builds and shitty service even in fancy restaurants) and a big crash coming in the next year when people foreclose / have to sell when savings run out may or may not bring things back to realistic price levels for the average person when the dust has settled.
I know a guy living in Cha-Am (2h drive from BKK) and already pre corona last year groups of women that belonged to wealthy families in Bangkok were scouting the area to buy up land, so people apparently were already sensing back then that Bangkok might not remain all that stable / get dangerous for wealthier people and that they should buy up land in safe areas outside of BKK where they can lay low for some time in case of large scale protests / increasing safety issues.
Last edited by iLiveInAsia; 08-17-2020 at 11:21 AM.