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Thailand Considers Allowing Foreign Ownership of Condominium Units to Increase to 75%

Published: June 24, 2024 at 7:08 pm

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In a move to stimulate the economy, Deputy Prime Minister and Commerce Minister Phumtham Wechayachai has directed the Ministry of Interior to review and potentially revise the laws governing foreign ownership of condominiums in Thailand. This initiative, part of a broader strategy to boost the real estate sector and attract foreign investment, was prompted by an urgent communiqué from the Office of the Cabinet Secretariat.

Under the current proposal, the Ministry of Interior is exploring the feasibility of extending the leasehold period for foreigners from the existing 50 years to a more attractive 99 years. This significant extension aims to enhance investor confidence and make Thailand a more appealing destination for international workers and big investors.

Further enhancing the allure for foreign investors, the government is also considering increasing the limit of foreign ownership in condominium projects. Currently, foreigners can own up to 49% of the usable space in a condominium building. The proposed revision would raise this cap to 75%, albeit with conditions to limit foreign voting rights in condominium management beyond the existing threshold.

Interior Minister Anutin Charnvirakul underscored the balanced approach of these measures, emphasizing their potential to catalyze sales for Thai property developers while maintaining market equilibrium. He reassured that while the changes might have some negative impacts, they are expected to be minimal compared to the substantial positive outcomes anticipated.

As the government proceeds with this policy review, it invites feedback from various stakeholders, including property developers and the general public, to ensure that the reforms serve the broader interests of Thailand and contribute to its vision of becoming a global industrial hub.

Both Deputy Prime Minister Phumtham and Minister Anutin expressed confidence that these adjustments would not favor specific private developers but are designed for the national good. The review process will also consider other suggestions from the international community, reflecting the government’s comprehensive approach to policy-making in this sector.

SOURCE: Than Setthakit Online

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