THE INTERIOR Ministry is studying the easing of real estate laws to allow foreigners to buy up to 75% of total unit space in condominium buildings, up from 49% at present, in an effort to stimulate the economy, Naewna newspaper said this afternoon (June 21).
Officials are also looking at extending property lease period up to 99 years. Currently the maximum duration of a lease of property is 30 years. An extension of another 30 years is allowed but this is considered a private agreement between the parties involved.
Deputy Prime minister-cum-Commerce Minister Phumtham Wechayachai, known to be de facto Pheu Thai boss Thaksin Shinawatra’s right-hand man, ordered Interior Ministry officials to study relaxation of property regulations as approved by the cabinet last Tuesday (June 18) when he was acting prime minister as Prime Minister Srettha Thavisin was recovering from Covid-19.
The Cabinet had on April 9, 2024 approved taking steps to stimulate the economy through the real estate sector with this being in keeping with Thailand Vision 2030 to boost the country as an industrial hub and drive the economy towards a sustainable future.
The following changes are being studied:
– Amendment of Property Rights Act B.E. 2562 (2019) to allow extension of leaseholds to 99 years;
– Review laws and regulations to extend foreign ownership of condominiums from maximum 49% of total unit space to not more than 75%. However conditions could be attached with a key one being limiting the voting rights of foreigners who acquire units over the 49% limit.
The Interior Ministry was told to complete this process as soon as possible and then forward the proposal back to the Cabinet.
CAPTION:
Top: Bangkok cityscape. Photo: Drmtoiber (CC BY 2.0)
Front Page: Bangkok by night. Photo: Aleksandr Zykov (CC-BY-SA-2.0)
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