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Adjustments in Thailand's Real Estate Market Policies
Jul 4, 2024
Adjustments in Thailand's Real Estate Market Policies Bangkok
By   Internet
  • City News
  • Thailand Real Estate Market
  • Property Rental
  • Property Policy
Abstract: The Thai government's recent adjustments in real estate market policies demonstrate its proactive stance in attracting foreign investment and promoting economic growth. These policy implementations are expected to enhance Thailand's international competitiveness in the real estate market, while also sparking widespread attention and discussion regarding their long-term effects and implementation details.

The Thai Ministry of Finance recently submitted a series of policy proposals to the Cabinet aimed at stimulating the real estate market, which have garnered significant attention and discussion. These policies include extending the lease period for foreign ownership of real estate in Thailand from the current 50+50 years to 99 years, and increasing the ownership percentage of apartments that foreigners can hold from the current 49% to 75%. These adjustments are seen as efforts to attract more foreign investors and stimulate the development of Thailand's real estate market.


According to Thai government media reports, Prime Minister Prayut explained the background and objectives of these controversial real estate policies in a recent interview with the media, conducted at the Laem Chabang Port Area Phase 3 project in Rayong's Laem Chabang District.


Firstly, Prime Minister Prayut emphasized the importance of extending the lease period for foreign ownership of Thai properties to 99 years. He pointed out that this adjustment aims to make Thailand's real estate market more competitive and attractive, aligning it with global norms in real estate investment environments. Prayut explained that long-term leasing has become common practice internationally, and Thailand hopes to attract more long-term investors through this policy to promote stability and growth in the real estate market.


Adjustments in Thailand's Real Estate Market Policies

Internet


Secondly, regarding the adjustment in the ownership percentage of apartments, Prime Minister Prayut stated clearly that the government plans to increase the ownership percentage that foreigners can hold in condominiums from the current 49% to 75%. However, he emphasized that this does not mean foreign investors will have absolute control over the condominiums, as Thai law stipulates that foreigners can only have decision-making rights up to 49%, while the remaining 51% continues to be owned by Thais. The additional 26% is reserved solely for residential rights, without voting or significant decision-making rights.


In response to potential criticisms from capital and stakeholders, Prime Minister Prayut stated that these policies aim to promote economic growth and attract more foreign direct investment, while also considering Thai national interests and market stability factors. He emphasized that the Thai government will continue to carefully and comprehensively assess the long-term impacts of these policy adjustments to ensure a balance between economic development and social stability.


Furthermore, Prime Minister Prayut addressed questions about why similar projects had been shelved previously. He explained that past shelved projects involved land sales, which entail more complex legal and land ownership issues. The current government has not proposed similar policies regarding land sales.

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