by Namo Vananupong

    
BANGKOK (NNT) - The Cabinet recently endorsed the drafting of a ministerial regulation that will enable certain foreigners to purchase 1 rai of land in Thailand.

 

The buyer would need to invest at least 40 million baht in Thailand and retain the investment for at least 3 years. The Thai real estate sector has given a positive nod to this development, saying the policy will contribute to economic growth.

 

Thai Condominium Association president Phiraphong Charun-ek said the condominium market and market for other properties are expected to return to their pre-pandemic status next year. The value of the residential property market is expected to reach 400 to 450 billion baht next year.

 

Meanwhile, the market for foreign-owned condominium units is growing at 5-7% per year.

Citing the recent Cabinet approval for foreign ownership of land, Mr. Phiraphong said this is a good policy that will push economic growth further.

 

He said the Thai real estate sector will be commissioning construction projects continually to meet the new demand from foreigners. This would, in turn, create more employment. He said homes priced above 20 million baht stand to benefit from the upcoming ministerial regulation.

 

According to Mr. Phiraphong, Chinese buyers make up the no. 1 foreign group buying Thai real estate.

 

This is followed in respective order by buyers from Singapore, Hong Kong, Europe, Russia, and Taiwan. He expects the condominium market to grow by 10% next year, provided that China relaxes its travel restrictions.

 

The association president also said he wanted the government to extend the implementation period for reduced transfer and mortgage registration fees. He said these measures should be extended until 2023.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221030135758203

 

-- © Copyright NNT 2022-10-31

 

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Oh, please - I'll be surprised if even 100 foreigners take them up on this "generous" land ownership scheme. 

3 hours ago, webfact said:

He said the Thai real estate sector will be commissioning construction projects continually to meet the new demand from foreigners.

55 , sounds like a sleepy business ...

With 40 million baht I could buy a little place in Europe that does not have a crooked police force; roaming packs of (rabid) dogs; annual floods/droughts.  Hmn - choices, choices.

This option was already available in section 86 of the land act of 1954 modified last in 2008, just some "cosmetic" adjustments....

What planet are they on? 

 

No sane person with 40 million baht to 'spare' is not going to invest here......they have the rest of the world from which to choose.

6 hours ago, webfact said:

He said the Thai real estate sector will be commissioning construction projects continually to meet the new demand from foreigners. 

That made me laugh.......has he seen what 40 million would by in France, Croatia, .......etc

6 hours ago, webfact said:

The buyer would need to invest at least 40 million baht in Thailand and retain the investment for at least 3 years. The Thai real estate sector has given a positive nod to this development, saying the policy will contribute to economic growth.

Wait and see... I can't see many people rushing to tie-up 40M just to buy one Rai of land that will be reviewed in 5 years time.

Let the whole real estate business go down the halligally; it will make the "Tom Yam Goong" crisis of 1997 look like a tiny poor dress rehearsal. Serves 'em right!