- According to a Bloomberg report, purchases “may more than double”.
KUALA LUMPUR (Nov 4): An influx of foreign buyers for Thailand’s residential properties is anticipated with the government’s plan to ease ownership rules to attract rich international buyers.
According to a Bloomberg report, purchases “may more than double”, with the Real Estate Information Center stating on Oct 31 that “annual registration of houses and condominiums by non-residents could rise to some 100 billion baht (RM12.3 billion) when the government begins its proposed easing”.
The same report revealed that foreigners can buy residential land if they invest at least 40 million baht for a minimum of three years. They are currently limited to buying “mainly condominium units”.
The National News Bureau of Thailand reported that this is also part of the government’s aim to accelerate post-pandemic economic recovery.
With cabinet endorsement last week, the proposal has been forwarded to the Office of the Council of State and relevant government agencies for further assessment before receiving final approval, reported the bureau.