On January 10, 2024, Prime Minister Seta held a meeting with seven real estate associations at the government headquarters. The chamber's chairman stated that the overall economic situation is slowing down, and financial institutions are tightening credit, significantly impacting market purchasing power. The seven associations submitted a proposal to the prime minister, outlining eight specific measures. Seta accepted the proposal and established a working group to collectively advance these initiatives.
These measures aim to attract new investments, increase basic tax revenue, and stimulate the secondary housing market, creating favorable opportunities for the entire real estate market.
The eight specific measures proposed in the submission cover various aspects, including reducing property transfer fees and mortgage registration fees, exempting personal income tax, and supporting housing purchases for individuals with medium to low incomes. These measures are intended to boost purchasing power and present favorable opportunities for the entire real estate market.
Specifically for foreigners, the sixth proposal suggests extending lease terms, modifying BOI standards, and providing long-term visas, which will further attract foreign buyers. Under the existing BOI policy, foreign companies are already allowed to fully own land and property.
However, for the majority, the current policy standards remain relatively high, such as the requirement for a company's registered capital to be over 50 million baht. If these standards are lowered in the future, it could significantly increase the number of foreigners buying villas.
The visa offer tied to property purchases is undeniably the most attractive for those intending to stay in Thailand for an extended period. Despite the current mutual visa exemption for permanent residents of both China and Thailand, this visa is short-term, valid for only 60 days.
For those wishing to stay in Thailand for an extended period, obtaining long-term visas like elite visas or work visas can be expensive and involve complex procedures. Therefore, the visa offer tied to property purchases is especially appealing for those, particularly retirees, looking to stay in Thailand for the long term.
