14 Apr 2021
PHUKETPROPERTY.COM; There are strong indications that the Thai government is considering a revision to the current laws relating to the Condo Act of 2008 and regulations and rules that govern the foreign ownership of land and houses.
This could mean that foreigners with a minimum of THB 10 million could potentially buy and own their own land and house in Thailand or Phuket.
Land and house foreign ownership has been a traditional issue for foreign investors for many years and now the initiative is understood to allow ownership of landed properties between THB 10 million and 15 million baht.
The new proposal would apply to landed property within housing estates and restrict foreigners to 49% of the property in any one estate.
The threshold of foreign owned condos may also increase to well above the 49% maximum currently allowed under Thai law. This may be considered although it is understood that the increase beyond the current 49% may not have voting rights within the juristic entity.
The government needs to change laws to encourage condominium purchases and the buying of free standing houses with the Condominium Act of 2008 first set to be reviewed.
The current 49% foreign freehold threshold of net sellable area of a condominium may change to somewhere between 70% and 80%.
In another initiative, land leases could increase from 30 to 50 years or more.
Currently information indicates that any possible changes in the law may only be a temporary measure for the next 3-5 years and would be considered as an economic Covid stimulus package.
Such initiatives are being viewed as necessary economic stimulus and to further encourage foreign investment.