......We can’t produce a genie from a lamp but we did contact real estate professionals just before the turn of the year to ask: If you could change one thing about the property market what would it be?

Of course there were recurring themes among the responses we received when we asked: What would you change about the property market in 2009?
The word “stability”, for example, cropped up with unerring regularity, writes John Davids. Given the uncertainties of 2008 perhaps that was not surprising.
But, what was surprising was the diversity of the other comments. One wanted to examine the potential of “zoning” which would make it easier for foreigners to own property. Another respondent chose to focus on the city’s property media. A third called for greater transparency in property dealings.
Here, in more detail, is what they said...
Tim Gladwin of Sallmanns Estate Agents said: “My wish for 2009 would be a law change to give foreigners the chance to own a small plot of land, with a house on it, in their own name. I wouldn’t expect,
nor would I
want, a law that prejudiced Thais. However, it would be simple to enact a law that would only be a benefit to Thai nationals and their country.
“By way of example, foreigners could be given the right to purchase a single property of up to one rai in size, but only in zoned areas, which might be distinct areas of Pattaya, Samui, Phuket, Bangkok and Krabi. Maybe, it would be that foreigners could only buy in specially licensed developments. Moreover, any foreigner could be limited to owning only one such property at any time.”
Tim added: “As a result, foreigners would not be competing with Thais in the real estate market and thus prices for normal real estate would not be affected. Being able to own only one property would stop property speculation.
“The land size restriction would mean it would remain illegal for foreigners to land bank or develop property without a Thai JV partner.
“I have no doubt that such a law would create a massive amount of additional foreign investment. There would be the initial capital spent on properties, but also the pension dollars and holiday spending that such home owners would bring into Thailand on an on-going basis. I believe such a scheme would provide a huge boost to the Thai economy in these challenging times.”
Clayton Wade of Premier Homes said: “I would love to see some responsible journalism emerge from our Pattaya Eastern Seaboard publishing and media sector.
“It would be refreshing (astonishing!) to see the concept of consumer protection enter into our real estate industry mindset and onto the pages of our publications.
“This ‘quick buck’, get the writers and advertisers while you can, attitude present in most of our local publications is only going to blow up in our faces when the dust settles this coming year.
“Remember, all the ads, editorials and advertorials of the past will still be here and available for consumers to read again.”
Cees Cuijpers of Town & Country said: “My wish for the new year to come is ‘transparency’...
Transparency would be very helpful eliminating ‘bar lawyer’ opinions that are well-known to all of us across the board.
“It is dreadful to have to explain clients that most of the gossip they hear usually has a complete different twist in reality!
“Sometimes it is hard work to convince your client about ‘reality’ as many things in Thailand are usually not written in stone. (At the same time this is probably also one of the charming sides living and working in this Kingdom of Smiles...)
“With a bit of luck, more and more rules, regulations and procedures will change for the better and stay that way.
“A lot of improvement is noticeable each and every year. It would be nice if that is ‘clear’ to everyone.”
Adam Kuhl of Tudor Court told us: “Tudor Court has only one wish for 2009 and that is for people to pay their bills on time!
“This has been a major issue for us over the past year, particularly in the last quarter of 2008. We fully understand the reasons that many are delaying; including the poor exchange rates, lack of business due to political uncertainties and the like. But it has a knock-on effect for the entire industry.
“Cashflow is hugely important to all businesses and if it is cut off from the bottom then it cannot feed through to the rest of the chain.
“So, please REm genie, ask people to honour their commitments!”
Paul Davies of KCR Homefinder picked up on the earlier comment about zoning. He said: “My wish(es) for 2009 would be to see a strong government taking decisive actions on ways to improve the property market both for Thais and foreigners.
“The continued lowering of transfer and other fees is a positive move and will go some way I’m sure. Stability in government, stability in the SET, stability among the population and an end to the war of words and deeds between the ‘reds and yellows’ will lead to more tourist arrivals and more investment not just by corporations but people wishing to live out their days here.
“Obviously the main factor and sticking point is ownership. The government must realise that our neighbours are beginning to overtake us by allowing foreign nationals to own freehold title to property.
“Unfortunately, this, I feel, would be too much for the conservative Thai to stomach. However, 99 year leasing would be good enough for 99 per cent of home buyers and, don’t forget, most are married or cohabiting with Thai nationals so eventually most property would eventually revert to Thai ownership.
“Simplistic, maybe, but workable to the satisfaction of all. I could see a zoning system work whereby rural and farm land would be protected and reserved for Thai nationals thereby maintaining the status quo regarding price. Then foreigners could be allowed to long lease up to a certain amount of land, say one rai only, in designated areas. Can you imagine the value of land plots in such areas making some Thais very wealthy indeed?
David Walton of The Waterfront says that “2009 is going to be a huge challenge”.
He continued: “Politically and economically Thailand faces external and internal issues that require immediate action. I really hope that the new government is allowed to get on with business.
“Softening of the Baht, re-invigoration of investment confidence and re-establishment of the country as one of the world’s leading destination locations are the priorities.
“For the property industry 2009 will be a year of consolidation. The old order no longer exists; the challenge for all of us operating in the property sector will be to adapt to changing circumstances. Businesses generally will be leaner, management processes will improve through necessity and the industry will become more stream-lined.
“Not wishing to be too dramatic but 2009 will be all about survival.
“What would I like to see? A significant raise in the condominium quota (foreign ownership). A major re-think on land ownership/title policy. Wholesale revision of the current Visa regulations and a city once again bursting at the seams with free-spending visitors.”
Mario Kleff of Wandee-group said: “Every game has its own rules and regulations – building the right strategy will increase the chances of playing it well. Equally – and with each wish – the imagination steps away from understanding this reality.”
Final word goes to Anne-Marie of Delight who was keen to reiterate her Baywatch column thoughts from an earlier edition. She said: “Despite recent upheavals I am still of the opinion that Pattaya is set to be Asia’s No 1 spot in five years’ time.
“But the country is in real need of some sustained stability. Only when this exists will we be able to move forward to the goal I predict for Pattaya.”
She added a little tongue in cheek: “And if the REm genie could arrange it so the never-ending roadworks outside my office could come to an end, I would be grateful.”
We can’t promise anything, but we hope all get their wishes! Ω