Thailand has adopted new measures to attract foreign investment in the property sector. It has decided to increase the leasehold period of properties from 30 to 99 years, and raise the permitted foreign ownership in condominium projects from 49% to 75%.
These changes are intended to attract foreign investors and ease the current downturn in the property market, which is characterized by a large backlog of unsold properties. As of the first quarter of this year, the number of unsold properties was 213,429, with their total value reaching 1.21 trillion baht, up 36.5% from the same period last year.
The president of the Real Estate Association of Thailand, Pornarit Chuanchaisit, expressed confidence that the new measures will allow the property market to recover from the downturn in the next three to six months.
The Phuket property market remains active thanks to foreign buyers, primarily from Russia and China. New measures to increase lease periods and foreign ownership rates could further stimulate demand from foreign investors, which will have a positive impact on the overall Thai property market.
The Phuket property market remains active thanks to foreign buyers, primarily from Russia and China. New measures to increase lease periods and foreign ownership rates could further stimulate demand from foreign investors, which will have a positive impact on the overall Thai property market.
