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Thailand’s Expats Property Market gets a Black Eye

Thailand’s expats get duped in purchasing property

 

Residential sales to expats in Thailand took a hit after a Swedish television show alleged that Swedes have been swindled in property purchases. According to the television show, the Swedes had paid for their villas but hadn’t received the keys to their properties.

The local Thai media is waiting on permission to publish the history of a group of condominium buyers who haven’t received the keys to their properties – although they were promised to, back in 2008.

A popular newspaper in Sweden reported that there have been as many as 10,00 cases of Swedes buying property in Thailand despite the State Department warning regarding the restrictions of foreign land ownership laws in the kingdom.

Experts advise to settle for a letter of intent to buy and to pay the money in exchange for the keys once the development is completed.

Andrew Dummond’s website outlines a case against three men, who according to him are being investigated by the Department of Special Investigations, reporting that the victims are mainly Britons, Australians, Russians, Canadians and Fins. – www.property-report.com

EXPOSED – Thai Property Scandal – DSI Investigates British Rotary Club President

The British President of a Rotary Club in Thailand has reportedly been detained and had his passport confiscated after being accused of swindling foreign property investors out of millions of pounds.

Richard Haughton, 63, a former Tupperware salesman, from Birmingham, was cautioned by officers of the Department of Special Investigation from Chonburi and then released. 

Also facing investigation are Britons Nicholas Pearce, and Paul Salisbury.

All three are directors of a property company called Thailand Property and Media Exhibitions Co., Ltd (TPME) based in the beach resort of Pattaya. Read More…..

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Posted by on Nov 11 2011. Filed under Tourist in the News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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