A New Boost for Investors: 99-Year Leases and 75% Condo Ownership for Foreigners!
The Thai Cabinet has officially approved extending property lease terms for foreigners to 99 years and increasing foreign ownership in condominium projects from 49% to 75%. These measures aim to attract foreign investors and stimulate the country's economy.
Key Points:
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Extension of Lease Terms to 99 Years: Foreigners can now lease property for up to 99 years, significantly enhancing the attractiveness of investments in the Thai real estate market.
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Increase in Foreign Ownership: In condominium projects, the foreign ownership share has been increased to 75%, opening more opportunities for foreign buyers.
Objectives:
- Attracting Foreign Investors: These measures aim to improve the investment climate and attract more capital from abroad.
- Stimulating the Real Estate Market: The changes will help reduce the number of unsold properties, which is particularly important given the significant increase in unsold units over the past year.
Support and Implementation:
- Industry Support: The measures have received approval from various market participants, including real estate associations, who believe these changes will help revive the market.
- Implementation Plan: The Thai Ministry of Interior has already started working on the necessary legislative changes to ensure the rapid and effective implementation of the new measures.
These changes also balance the interests of the local population and foreign investors, minimizing potential negative impacts on Thai citizens.
Sources:
- Own Property Abroad
- Thailand Business News
- Silk Legal
- Nation Thailand