Residential sales to expats in Pattaya and Phuket plummeted 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.
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.
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.
Source: Property Report