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  1. #1
    Premium Member Allan's Avatar
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    Default Land Prices KORAT

    Hope this is the right forum for this thread. Bit of a random question but would anyone be able to tell me the best place to search for current land prices in Korat??

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    A few on here Alan:

    http://isaan.com/real-estate-korat-n...ng-a-property/

    Try a Google search and Kasikorn bank had quite a repos last time I looked - as I'm sure do most of the banks.

    http://propertyforsale.kasikornbank.com/?sLang=en

    Where exactly, are you looking or selling?

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    Premium Member Allan's Avatar
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    Thanks Flip. We have a chance to buy a plot of land at Nuy's village, near Non Sung so rather than going in "blind" as it were, I am trying to get some idea of current land prices in the region. We're looking at a plot of about half a rai.

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    Forum Dinosaur ไดโนเสาร์ Linne's Avatar
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    Please remember that once a seller smells farang money or thinks the potential buyer has access to farang money the cost seems to rise. (IMHO).

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    Ahhh, I'm not familiar with that area. Remember the factors that affect prices in any area - road access, services etc. etc.

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    Premium Member caller's Avatar
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    I have no idea of prices in that area either, but agree the price will go up if a farangs involvement is known and if you're buying in Nuy's village, that will be known.

    In the central area, in and around the city prices are very high. We nearly bought some land near the uni west of the 304 and that was being sold at 800,000 for 100 wah - and that was nearly 2 years ago now. You can buy cheaper land in Cha Am.
    .
    Personally, I left Korat as it wasn't for me, and I was pretty central. It was fun at first because it was all new and different, but after the honeymoon period was over, I felt it really had little to offer me. I seemed to spend most of my time when out and about at the Mall. There are currently only 2 farang bars in the very central area (George & Dragon and the Check Inn) and they seem empty half the time, with another new one overlooking the lake in the army camp a bit further south. I found that many farangs adopted local places near where they lived as watering holes, rather than having to venture too far. I didn't use the bars, but apart from the Mall (and I assume T21 now) it was hard to see where farangs gathered? It's certainly the case that Germans and other nationals have regular days to meet at the Mall, as sometimes you will find it's teeming with them and they sit around in various groups drinking coffee and the like!

    But if you are thinking of settling in the village and that's what you want, then good luck to you!
    'Tis me

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    Quote Originally Posted by Linne View Post
    Please remember that once a seller smells farang money or thinks the potential buyer has access to farang money the cost seems to rise. (IMHO).
    Very true

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    Quote Originally Posted by Allan View Post
    Hope this is the right forum for this thread. Bit of a random question but would anyone be able to tell me the best place to search for current land prices in Korat??
    How many Rai are you looking for?
    Is the Rai going to be in your name or in somebody name?

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    Forum Regular สมาชิกประจำ nigel&panada's Avatar
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    The wife got offered 4 rai near Kham Thale So about 2 months ago for 2 million baht, unfortunately I didn't have a spare 2 mill, I think she said it eventually sold a couple of weeks later for 1.6 mill.

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    Forum Dinosaur ไดโนเสาร์ Linne's Avatar
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    My uk based lady friend has her family farm up route 2 towards kk about 90 mins or so.

    She reckons land goes for 300k per rai to 1 mill per rai for land near the highway.

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    Quote Originally Posted by Linne View Post
    She reckons land goes for 300k per rai to 1 mill per rai for land near the highway.
    I wish it was that price down my way. I've been trying to buy the plot next to my house for a garden. Its an orchard (ish) currently and just about big enough to build a house on - the owner wants 1.5 mill. No way will I pay anything like that but I bet she gets close to a mill for it. That is, if she's prepared to negotiate, which a lot of Thai's are not - I've seen them sit on unrealistically priced land for years.

    With the new elevated highway now well underway - a local developer says prices around Khao Yai are set to rocket. Not a lot of use to me, I'm not interested in selling - unless the new road is noisy.

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    It does really depend where the land lies....close to the road....bottom of a hill....outside the village....centre of the village all will affect the price by upto 50% as said here all falang are rich :-) so price can be higher... depends really on whose selling and whether they have a good heart...good luck my friend :-) :-)

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    As people say it really depends on just where it is and whether it has got road frontage, mains water, electricity etc. I note that you are looking in the Non Sung area near Korat, well that is where our house is. I bought a rai off my wife's mother in 2007 it is alongside the 2067 road on the edge of the town. It had mains electricity and water and I paid 200,000 baht which I considered a very fair price. I think it would now be nearer double that now.

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    I thought that a foreigner cannot own land in Thailand

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    Quote Originally Posted by te2008 View Post
    I thought that a foreigner cannot own land in Thailand

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    Not in their name no, but there are ways - some of which don't hold water, some do.

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    Premium Member Elad's Avatar
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    I think (correct me if wrong) a foreigner can have it their name but shared with a Thai company, and the company will have 51% of the share.

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    Quote Originally Posted by Flip View Post
    Not in their name no, but there are ways - some of which don't hold water, some do.
    Don't hold water? I'm lost.

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  18. #18
    Furniture เฟอร์นิเจอร์ ian1208's Avatar
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    A foreigner cannot legally own (freehold) land in Thailand. Its as simple as that!
    Do not be drawn in to thinking that if you open a company and have a 51% Thai shareholding, you (the foreigner) owns nothing, zilch.
    It is the Thai company that owns it not the foreigner. There is a substantial rise investigating a lot of these company set ups that are using the system to circumvent so called land ownership.
    What Flip meant was some of these 'so called' companies that are set up aren't very legal in the true sense.

    Land prices are a lottery. Most of the time it makes no sense of a price asked and certainly no sense when an outsider is involved. The closer you are to paved roads, utility supplies and the town centre seems to increase the price by 25% each box ticked.
    My advise is look for the stuff the bank are offloading. They can only ask for the monies owed (defaulted) and a fixed legal fee. So if someone defaulted on say 10k 5 years ago it is likely to be worth 20k now but they can only sell for the 5k. Most go to public auction (I think this is law not choice) but the ones that are not sold then go back to the bank and simply put on a list of available.
    A friendly bank employee will be more than happy to take a note of interest and manipulate the time, place of sale to suit. (so I have been told)
    If you know the location (Exact) you can get your wife to ask the utilities about supply costs and dont forget the septic tank costs. Can you get one in the ground? If not placing one in or around a house placed on half a rai could prove a tad smelly and worse, when it overflows in the rainy season.
    Judging others before you have met isn't a wise option.

  19. #19
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    Quote Originally Posted by te2008 View Post
    Don't hold water? I'm lost.
    As Ian says, a foreigner can be a director of a company that owns land. Many do this and think they are safe - they are not. They may well have 'owned' the land this way for many years and never had a problem and indeed they may never have a problem but it can happen and there are dire consequences. If the company doesn't trade or the trade it does has nothing to do with the land, the 'company' is likely to lose the land if discovered. If the wife decides she wants the land in a divorce situation, be assured, the 'owner' will lose his shareholding if the company has not been set up and operated legally. The Thai land laws are available online in English and one simple clause in them makes it very clear that any attempt to circumvent them will result in forfeiture.

    Therefore, the company must trade and have a reason to own land as part of its operations. The higher the foreign shareholding in a company, the more the likelihood of the company being investigated at formation if land is an asset. When I say a reason to own land, that could be for example, a builder's supplies yard. Clearly that type of business requires land. Alternatively, if several plots of land are owned, houses built on them which are rented out - that would also be legitimate, that's a business. A company owning one house with the 'owners' living in it is unlikely to be considered legal.

    As far as I know the foreign shareholding in any Thai company cannot exceed 49% but in the case of a company that has land as assets, my lawyer advises me that any shareholding above 39% will attract a through investigation and may ultimately, be unacceptable. Control of the company can be had by the foreigner owning preferential shares whereas the Thai directors hold ordinary shares. It is now illegal to use nominee Thai directors. There are various things that need to be done to set up a legal Thai company and I recommend using a good lawyer to do it.

    The most usual reason for a foreigner to want some form of hold over land/houses is in a normal marital situation. The Thai land laws create worries and serious concerns for a Thai/Foreigner couple buying a house and are often a cause of major friction. In the majority of cases its the foreigner that's paying for the land/house and understandably wants to protect their investment.

    The company route above is one way but there are many others and some are less complicated. You may be aware that if you give your wife the money to buy land, you will be expected to sign a form stating that you have given her the money to buy it and the money is hers. However, it is possible to place a mortgage over the land in your favour once the land has been purchased. My lawyer advises me that this method is perfectly legal and that he has acted for the foreigner in cases where the mortgage has been foreclosed (read that as 'divorce'). However, some Land Offices will not register such mortgages so you need to check this first.

    There is also a leasing situation known as 'ufstruct' where essentially the house/land is 'leased' back to the foreigner for a term of 30 years. People talk about 2 back to back 30 year leases but they are illegal. 30 years is the maximum legal term.

    Another way that is perfectly legal is for the Thai citizen to own the land and the foreigner to own the house (the bricks and mortar). You can actually register such ownership with the local land office. To give this method additional substance it would be advisable to strengthen the transaction by leasing the land.

    There are ways to protect your investment although they are not as simple as they are here in the UK. The most important thing that I would advise is that you should use the services of a good lawyer in any property matter - just as you would in the UK.
    Last edited by Flip; 12th Jun 2017 at 02:48.

  20. #20
    Premium Member caller's Avatar
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    Quote Originally Posted by Flip View Post


    There is also a leasing situation known as 'ufstruct' where essentially the house/land is 'leased' back to the foreigner for a term of 30 years. People talk about 2 back to back 30 year leases but they are illegal. 30 years is the maximum legal term.
    I don't think that's correct Flip, a usufruct is basically a way of staying at the house legally, for the duration of your life. It has nothing to do with leases. I'm sure someone here can explain that better and its also my understanding that it only applies if married, although there are ways around that as well!

    If you employ a good lawyer who has a good understanding with the local land office, you probably won't even have to worry about where the money comes from to buy a house.
    'Tis me

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