PRIME Minister Srettha Thavisin today (June 23) defended relaxing regulations to allow foreigners buy up to 75% of condominium unit space and increase property lease to 99 years pointing out this is prevalent in other countries too with there being no impact on the country, Thai Rath newspaper said.
Amid criticism that this move favours capitalists, Srettha mentioned that leaseholds are already available to foreigners.
He added that while rules are being changed to increase foreign quota in condo buildings from 49% of unit space to 75% the voting right will remain restricted to those buying units within 49% which will ensure that Thais have majority control at 51%. Those buying the units in the additional 26% would be doing so to only live in them.
Where leaseholds are concerned the law already permits 30 years with extension of another 30 years allowed but this is considered a private agreement between the parties involved.
The Prime Minister said although 50+50 leasehold was proposed he thought a total of 99 years would be better.
He underscored that this is not outright sale of land with other countries too permitting such leaseholds and that he had rejected a proposal to allow foreigners to buy land in the country.
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Top and Front Page: Prime Minister Srettha Thavisin speaking to reporters while inspecting U Tapao airport and the site where Eastern Airport City is being built amid a move to also build a Formula 1 race track nearby by 2027 or 2028 at the latest. Photos: Thai Rath
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