Condo Foreign Quota Max 49%

[Lazy Sod]

Just a hunch, nothing more. I think the growing economic problems could persuade the government to review the condo foreign quota limit soon. If Thais are worried about the land it sits on becoming majority owned by foreigners they can surely include some legislation to counter this (for example, when the condo is knocked down the land must be sold to a Thai and the proceeds divided). It is common knowledge that property developers are lobbying the government for this change as they can't sell the Thai quotas. If I owned under foreign quota in a condo which has a high premium (for foreign quota) I would be a bit concerned as that premium could be wiped out soon. And if I owned Thai quota (using a Company) I would be hoping for the change. I guess that the current PM (born and raised in the UK) has quite liberal views on such things, and as the economy worsens it could swing it, especially as those foreigners who stay in condos would spend their money here as well. Let's see.

[tominchaam]

When Thailand had the problems in 1997 the 49% restriction was lifted for certain areas. If Thailand will face similar problems I think it can be temporarily lifted again. But at the moment we are not there yet and we have to be aware the majority of the Thai people oppose any change that gives foreigners the right to own land.

If it happens I think it is good not only to foreigners but to the Thais as well.

[ray08]

Problem is that if foreign Quota is increased ,it would actually increase the supply of units and could put downward pressure on prices

Edited January 13, 2009 by ray08

[quiksilva]

Yes they did this in 1998/99, but hardly anyone was brave enough to take them up on it.

[PattayaParent]

And wasn't it only for condos under construction or newly completed condos? Not existing condos that all units have already been sold in?