While plans for a 10-year visa scheme for the rich and high-skilled professionals is transferring ahead, proposals to extend the international ownership quota for condominiums and the maximum lease for foreigners were rejected by Thailand’s Centre for Economic Situation Administration. The proposal to allow foreigners to carry ownership of 1 rai of land for residential functions was agreed in precept.
In its assembly last month, chaired by PM Prayut Chan-o-cha, officials determined to scrap the proposals for an extension of leasehold rights to the present most of a 30-year lease for expats to a 50-year lease in addition to an increase of the overseas possession quota for condominiums, which is currently set at 49%.
Triple say the international ownership quotas are still not being reached, in order that rejected proposal won’t have a lot impact. The chief company strategy and creation at SET-listed developer AP Thailand Plc told the Bangkok Post that even Bangkok and Phuket, with massive expat communities, are not hitting the 49% quota.
“ Key and major foreign-tourist destinations like Phuket are nonetheless seeing a condo ownership quota of lower than 49%. As a outcome, the rejected proposals will not have an impact on property developers.”
The chairperson of property advisor CBRE Thailand advised the Bangkok Post that the government ought to rethink the proposal to extend leasehold rights from 30 years to 50 years. The extension of the leasehold rights is intended to make investments in large-scale initiatives more enticing. Foreigners can not purchase houses on a freehold basis, so an extended leasehold would probably increase demand in the low-rise housing market..