FTI Says Foreign Land Ownership will Stimulate Economy

[webfact]

 

by Krajangwit Johjit

    

BANGKOK (NNT) - The Federation of Thai Industries (FTI) has said the plan to allow foreigners to own land in Thailand would be a new economic stimulus, especially beneficial to the tourism sector’s gradual recovery.

 

The comment was made in response to a plan by the Ministry of Interior to revive a measure allowing foreigners to own one rai of land in the country if they invest 40 million baht.

 

FTI Chairman Kriengkrai Thiennukul stated that the plan would provide long-term economic and investment benefits and encourage wealthy foreigners to consider retiring in the kingdom.

 

The FTI also said it would assist and support real estate companies impacted by the Covid-19 pandemic and the Russia-Ukraine conflict.

 

According to the Real Estate Information Center (REIC), foreigners remain interested in Thai residential property. This is especially true for Chinese nationals, who accounted for 45 percent of foreign condo ownership in the first quarter of 2022.

 

REIC reported that between 2018 and 2020, a total of 34,653 condominium units worth a total of 145.6 billion baht were transferred to foreigners.

 

It added that during the first quarter of 2022, Bangkok and Chon Buri were the most popular locations for foreigners wanting to own condominium units. The other three top provinces were Samut Prakan, Phuket, and Chiang Mai.

 

-- © Copyright NNT 2022-07-29

 

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[Gknrd]

Give it a break! 

Edited July 29, 2022 by Gknrd

[ThailandRyan]

Why spend 40 million baht on a half of a Rai of land.  The land can be bought by a Thai for a very cheap price.  This is just another attempt at Dual pricing but to the Nth degree. For that money I can buy 2 to 3 houses in the US and rent them out making me money each month.  One could also invest 1/4 of that in another country and obtain citizenship, what is it with these morons.

[jacko45k]

It will stimulate something.... more money for those who already have plenty and those in positions of power.

[BestB]

Ok its nice for those who have 40 million to invest but what are the guarantees they will not change their mind and repel the new law in 3 or 5 or 10 years?

 

In this country, nothing is guaranteed and mind changing is a hobby so is policy reversals or amendments or cancellations. 

 

Just as no visa extension guarantee , not even visa refusal appeal or process or a system.

 

Pencil neck in the airport decides not to let you enter, and there is nothing you can do, can not appeal, can not raise your case with senior and even if you could, most of them can not string a simple sentence in English 

 

 

[talahtnut]

£1 Million on 1 rai on the edge of nowhere,

then the government changes the rules.

I'm sure the Thai people will not approve of

their land being flogged off to rich farang

causing a multitude of problems similar to

the UK.

 

[worgeordie]

2 hours ago, webfact said:

if they invest 40 million baht.

They just can't let go , welcome  to my country where you can

buy without restrictions , the excuse they give is that there will

be no land for poor people , but it's the rich people here who

own most of the land ........

regards worgeordie

[Jackin1960]

This is how to drive up prices of plots for Thai people so that they can not buy in many sort after places. Not a very smart move long term, more a sign of desperate action like the wacky weed. 

[Trip Hop]

You have to be a total loon to invest 40 million baht on anything in Thailand. You could invest that sum somewhere far safer and easily see 7% plus pa and you’d get a pretty nice pool villa rental with sea views in Phuket with that?

[Purdey]

I remember surveys where the Thais said they didn't want foreigners to own land. Londoners have expressed similar thoughts about Russian and Saudi billionaires. Obviously the economic situation today remains dire so we can say "nice try, boys". 

Surely one house per retired expat or permanent resident at market rates would not be too much to ask?

[Cake Monster]

1 hour ago, worgeordie said:

They just can't let go , welcome  to my country where you can

buy without restrictions , the excuse they give is that there will

be no land for poor people , but it's the rich people here who

own most of the land ........

regards worgeordie

And rent it out at exorbitant rents to the poor.

[Road Warrior]

WHAT A wholly !!!

[chalawaan]

3 hours ago, ThailandRyan said:

Why spend 40 million baht on a half of a Rai of land.  The land can be bought by a Thai for a very cheap price.  This is just another attempt at Dual pricing but to the Nth degree. For that money I can buy 2 to 3 houses in the US and rent them out making me money each month.  One could also invest 1/4 of that in another country and obtain citizenship, what is it with these morons.

My wife's ex Thai husband bought land and 3 bath/bed western mc mansion style house in upper middle class security compound for 4 million 15 years ago and she couldn't even get that much now, so it's off the market again. 

The quoted price on here is just lala land. 

But farangs with more money than sense will be soaked by the thousands. Wait n see.

Also, this will do nothing for the poor but drive the price of everything to the moon, and a Brazilian style crime wave will inevitably follow. 

Goodbye Thailand of old, it was fun while it lasted. 

[Photoguy21]

2 hours ago, talahtnut said:

£1 Million on 1 rai on the edge of nowhere,

then the government changes the rules.

I'm sure the Thai people will not approve of

their land being flogged off to rich farang

causing a multitude of problems similar to

the UK.

 

I dont think they need to worry, I cant see anyone going for that idea.

[chalawaan]

1 hour ago, Jackin1960 said:

This is how to drive up prices of plots for Thai people so that they can not buy in many sort after places. Not a very smart move long term, more a sign of desperate action like the wacky weed. 

"Sought after" Your grammar was corrected with kindness by a "wacky weed" user. ????

[ChaiyaTH]

It will not support economy at all, it will just make specific areas and places even more over priced at best. And get more ugly projects that are left empty or poor maintained after 5-10 years.

 

If they would let everyone buy 1 rai of land, things really going to be nasty with investors using nominees too. Why not limit it to people who worked and paid taxes at least 4 years, been married 4 years and/or have a child in Thailand. 

Or retirees who been here 4 years too.

Edited July 29, 2022 by ChaiyaTH

[crazykopite]

These clowns live in a constant dream anyone with a spare 40 million baht is not going to waste it just to get a piece of dirt in Thailand where you could end up living next to a Thai who a couple of years later builds a karaoke bar 

[crazykopite]

16 minutes ago, ChaiyaTH said:

It will not support economy at all, it will just make specific areas and places even more over priced at best. And get more ugly projects that are left empty or poor maintained after 5-10 years.

 

If they would let everyone buy 1 rai of land, things really going to be nasty with investors using nominees too. Why not limit it to people who worked and paid taxes at least 4 years, been married 4 years and/or have a child in Thailand. 

Or retirees who been here 4 years too.

I’ve lived here 17 years have invested well over 15 /20 million baht in that time yet I don’t have a wife or child so you propose that I be discriminated against 

[edwinchester]

"....between 2018 and 2020, a total of 34,653 condominium units worth a total of 145.6 billion baht were transferred to foreigners."

 

Which is an average of just over 4 million bht per sale. Now somebody thinks there's going to be a massive rush of foreigners investing 10 times that amount for the privilege of actually owning a few square metres of sacred Thai soil. Absolutely <deleted> delusional!

[hotchilli]

17 hours ago, webfact said:

The Federation of Thai Industries (FTI) has said the plan to allow foreigners to own land in Thailand would be a new economic stimulus, especially beneficial to the tourism sector’s gradual recovery.

Fantasy.

[hotchilli]

17 hours ago, webfact said:

The comment was made in response to a plan by the Ministry of Interior to revive a measure allowing foreigners to own one rai of land in the country if they invest 40 million baht.

????

[ozz1]

Of all the wealthy people I know none of them would put their money in a country which could change their minds at at any time they are wealthy but not stupid

[newnative]

   Yes it would likely stimulate the economy if the monetary requirement was reasonable and sane--say, maybe a minimum of 5 million baht.  40 million is unreasonable and insane.  Don't stand on the corner, dude, waiting to see the economy stimulate with this proposal.  Not going to happen.

[Orinoco]

14 hours ago, crazykopite said:

I’ve lived here 17 years have invested well over 15 /20 million baht in that time yet I don’t have a wife or child so you propose that I be discriminated against 

Yes,

As you have no connection to Thai people apart from your wallet. 

 

[geisha]

I wish they in power would give as much thought to helping their own people to put food on the table and pay their rent. 
 

[John Drake]

People are complaining everywhere about foreigners buying property or moving in and driving up prices, while destroying the existing communities. Here, in this story, funny enough, are Mexicans complaining about Americans moving into Mexico City. Thailand will be no different at all. Same forces at work. Personally, I don't want Thailand to turn into some freak version of millennial hipsters' doing their digital nomad thing with their view of an American paradise transplanted to Asia. Do not allow foreigners to own property. 

 

Quote

rents are soaring as Americans and other foreigners snap up houses and landlords trade long-term renters for  travelers willing to pay more on Airbnb. Taquieras, corner stores and fondas--small, family-run lunch spots--are being replaced by Pilates studios, co-working spaces, and sleek cafes advertising oat-mill lattes and avacado toast.  https://www.latimes.com/world-nation/story/2022-07-27/americans-are-flooding-mexico-city-some-mexicans-want-them-to-go-home?utm_source=headtopics&utm_medium=news&utm_campaign=2022-07-27

 

[zzaa09]

It appears that they really haven't a clue as to what or what not might act as an economic stimulus.......for the commons and betterment for society.

[darrendsd]

On 7/29/2022 at 1:02 PM, ThailandRyan said:

Why spend 40 million baht on a half of a Rai of land.  The land can be bought by a Thai for a very cheap price.  This is just another attempt at Dual pricing but to the Nth degree. For that money I can buy 2 to 3 houses in the US and rent them out making me money each month.  One could also invest 1/4 of that in another country and obtain citizenship, what is it with these morons.

You can't even get the the amount of land right and you call other people morons? ????

[BonMot]

This is such a stupid plan. I do mean stupid.

 

The longer you have lived in Thailand the more stupid it will appear to you.

 

The people rolling this <deleted> out should be fired.

 

Not serious people

[darrendsd]

On 7/29/2022 at 1:02 PM, ThailandRyan said:

Why spend 40 million baht on a half of a Rai of land.  The land can be bought by a Thai for a very cheap price.  This is just another attempt at Dual pricing but to the Nth degree. For that money I can buy 2 to 3 houses in the US and rent them out making me money each month.  One could also invest 1/4 of that in another country and obtain citizenship, what is it with these morons.

You don't have to spend 40 million baht on a Rai (or half a Rai as you wrongly state)

 

This proposal means you can invest 40 million in a variety of ways and then have the right to own a Rai of land 

 

For someone who can't read a article or has no idea about the proposal you are quick to call people morons ????

Edited July 30, 2022 by darrendsd