Thread: Foreigners to be allowed to own 75% of units in condominium projects

The Interior Ministry has been assigned by the Cabinet to amend the Condominium Act, to increase the foreign ownership limit in a development from 49% to 75%, and to amend the Land Act, to allow foreigners to lease land in Thailand for 99 years, up from the current 50.


Interior Minister Anutin Charnvirakul said on Friday that there is actually not much change needed to the Land Act, because the existing law already allows foreigners to lease land for 50 years, with an option to extend by a further 50 years.


He said the Land Act needs to be amended anyway, to provide assurance to foreign investors that they can utilize land in Thailand for up to 99 years in a single lease contract, making investment secure and worthwhile.


Anutin also explained that, although foreigners will be able to buy up to 75% of the units in a condominium development, their voting rights in the management of the development remain unchanged, with the Thais retaining the control.


The change in the Condominium Act should mean that more units will be bought by foreigners, as there is currently an oversupply, especially of low and moderately-priced units, said the interior minister, while claiming that Thailand and the Thai people will gain from the two amendments.

Foreigners to be allowed to own 75% of units in condominium projects - Thai PBS World

Never know we could lease for 50 years, thought it was 30 max?

Here come the Chinese!

Originally Posted by britanicus123

Never know we could lease for 50 years, thought it was 30 max?

That's what I thought.

Originally Posted by taxexile

Here come the Chinese!

To do what? Lease land?

The oversupply is the problem.

If it were not for tax evading Thai Chinese banking their ill gotten gains in developments then many of these speculative projects would never have been built.
In Pattaya there was a dearth of new projects up to 2011 or so, after that in six successive years the market had up to 16,000mnew units looking for buyers and yet they were still building. The Russian market collapsed in 2014 when Pig Putin invaded Crimea and the ruble collapsed and the Chink PRC buyer who showed signs of taking up the slack was stymied when Xi told them they couldnÂ’t transfer cash out of the motherland exceeding an amount limited to holiday costs. The typical Western buyer of old has largely evaporated given the economic depredations and devaluation of currencies against the Baht, but the main driver was the disappearance of the whore humping blue collar ditch digging sex tourist and his ilk who has largely given up their Thai odyssey. The remainder of western buyers are mostly spouses returning from lives in the West to retire in Thailand with said Thai wives but these are relatively few these days. This 75% increase will not alter the landscape too much I reckon - in our condominium foreign ownership falls short of the 49% and I understand this is a pattern - Thai take up the slack and buy to rent out.

Wobblers arenÂ’t buying, although more Singaporeans are moving funds into the markets. WeÂ’re also seeing more HKSARs quitting the commie fuckers in preference to settling in Thailand where they seem to like Wongamat.

The problem of oversupply is a typical Thai fuckup but then, what else is new.

Darn, you’ll never be able to sell your apartment then, will you?

According to the newspaper-that-shall-not-be-named, this is more a case of "the government will study the feasibility of..." which means it will probably never happen.

Originally Posted by taxexile

Here come the Chinese!

Wongamat here I come.

Whoopee.