Thailand appealing to retirees

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by Elaine Frei

According to CB Richard Ellis, more South-East Asian countries are eyeing foreign retirees as second home purchasers and Thailand is just in the lead.

Thailand, which has been making a huge effort to attract foreign retirees for years, granted 12,092 special retirement visas to foreigners in the first 7 months of 2006, putting it ahead of the regional push to generate revenues off the elderly expatriate market.

The South-East Asia property boom has resulted from the increase in property values in the USA and Europe and this has enabled retirees to sell their homes and move abroad. Thailand has a warm climate, a friendly population and is becoming a popular destination for retirees purchasing second homes.

However, a spokesperson for CB Richard Ellis warned that retirees face problems on property ownership and visa regulations.
Thailand does not allow foreigners to own land and only grants 30-year leases on the rental of land. Thailand is facing increased competition from its neighbours such as Maylaysia where there is no restriction on property ownership but the second home programme in Malaysia has only attracted 8,700 people.