Thailand’s real estate developers have called for an increase in quotas for foreigners to buy real estate. This should stimulate the Thai economy and support the real estate market.
According to Thai law, a developer can sell foreigners full ownership (freehold) only 49% of the residential area of the condominium. According to the Real Estate Information Center (REIC) in many projects in Phuket and Pattaya, foreign ownership quotas for condos are fully occupied.
“The government should increase foreign ownership quotas in these areas. This will help stimulate the economy as the apartment market in these areas is totally dependent on foreign demand,” said REIC head, Vichai Viratkapan.
Construction companies are proposing to increase the quota to 60%. According to representatives of the construction market, these measures will only benefit the kingdom.
A similar proposal was already put forward in early 2022, but was not adopted then.
