Thailand Ready to Increase Foreign Condo Ownership Quota to 75% and Leasehold Term to 99 Years
Prime Minister of Thailand, Srettha Thavisin, has introduced an ambitious initiative aimed at enhancing the appeal of Thai real estate to foreign investors. According to a statement published on the government’s website on June 25, he proposed to increase the foreign ownership quota for condominiums to 75% and extend the maximum leasehold term to 99 years.
This idea was first publicly announced by the Prime Minister on June 23 during his visit to Chonburi province. Chonburi, along with Bangkok and Phuket, is one of the key areas of interest for foreign property buyers, making this initiative particularly significant.
Under current legislation, foreigners are allowed to own up to 49% of the area in condominiums, and the maximum leasehold term is limited to 30 years. The new proposal significantly expands these possibilities, which, according to the government, should attract more foreign investment into Thailand's real estate sector.
Mr. Thavisin noted that this project does not imply the legalization of land sales to foreigners. Additional ownership rights in condominiums will not include voting rights in condominium management issues, thus maintaining control by local residents and companies. Speaking about the 99-year leasehold, he emphasized that this lease term is in line with international standards, as in some countries, the maximum lease term reaches 150 years.
According to Thavisin, this legislative change aims to stimulate economic growth and strengthen Thailand's position in the international real estate market. The government is confident that these measures will attract significant investments, which in turn will contribute to infrastructure development and the creation of new jobs in the country.