| For the last 30 years South East Asian countries | | | | permitted to own a 99-year lease for land with |
| have competed to attract tourists. Today the focus | | | | houses. This is the only place in Singapore where |
| is on quality not just quantity. Part of this strategy is | | | | foreign land ownership is permitted although there is |
| to attract retirement and second home (RSH) | | | | no restriction on foreign ownership of condominium |
| purchasers, according to a recent report from CB | | | | developments. Vietnam allows foreigners 50-year |
| Richard Ellis Thailand. | | | | leases. |
| RSH purchasers have become major components in | | | | The RSH market is destined to grow driven not only |
| the tourism and property markets in Spain, Florida | | | | by expatriates working in Asia, but also by Asian |
| and Australia's gold coast. The RSH market is growing | | | | buyers. Thailand has enjoyed huge growth in medical |
| in South East Asia. Competition between countries is | | | | tourism driven by Middle East and South Asian |
| intensifying but significant obstacles still remain in | | | | demand for good quality, reasonably priced medical |
| particular foreign ownership of property, availability of | | | | care. These medical tourists could also become RSH |
| property loans for foreigner, and visas. | | | | purchasers particularly as countries like India look at |
| The benefits of the RSH market are that once a | | | | relaxing controls on investment overseas. |
| property is purchased, repeat visits by the buyer are | | | | "Thailand faces growing competition to attract RSH |
| guaranteed avoiding the growing competition to | | | | purchasers from other countries that can offer an |
| attract tourists. The length of stay is longer and | | | | attractive combination of quality and cost of living. |
| more money is spent on local goods and services. | | | | This competition means that, in order to succeed, |
| Thailand has been at the forefront of retirement and | | | | countries will have to offer attractive property |
| second home development centred in Phuket and the | | | | ownership, property financing and visa regulations," |
| Andaman coast, Pattaya, Hua Hin, Cha Am, and Koh | | | | according to Mr. James Pitchon, Executive Director at |
| Samui. Thailand offers an attractive combination of | | | | CB Richard Ellis Thailand. |
| quality of living compared to cost but still has | | | | Thailand has introduced a retirement visa and about |
| restrictive property ownership rules. Thailand is facing | | | | 12,000 foreigners had successfully applied in the first |
| growing competition from Singapore, Malaysia, | | | | seven months of 2006. |
| Indonesia and Vietnam to attract RSH purchasers. | | | | The RSH market will to continue to grow. The |
| Malaysia has been the most aggressive country in | | | | strongest growth will be from Asian buyers. In 2007, |
| providing an attractive property ownership, property | | | | the Korean government relaxed conditions for |
| financing and visa structure. The "Malaysia My Second | | | | Korean nationals investing in property overseas and |
| Home Programme" allows foreign ownership of land | | | | CB Richard Ellis has already seen an increase in |
| with houses, the ability for foreigners to borrow | | | | Korean demand for Thai property. India has also |
| money to fund a property purchase and a ten year | | | | relaxed its conditions for its nationals investing |
| visa. In 2006, 8,700 people had successfully applied | | | | overseas. |
| for the "Malaysia My Second Home Programme". | | | | As the market becomes more competitive countries |
| Singapore as well as developing two integrated | | | | will need to examine property ownership and |
| resorts with casinos to attract visitors also has | | | | financing restrictions as well as visa policies to fully |
| Sentosa Cove, a resort development aimed | | | | benefit from the booming RSH market. |
| specifically at foreigners. Overseas buyers are | | | | |