“It’s not time yet” to relax Thailand’s laws on foreigners owning land or property, say analysts


“It’s not time yet” to relax Thailand’s laws on foreigners owning land or property, say analysts

Thai business media Manager have suggested that speculation that the Thai government were about to announce that foreigners could buy their own houses in estates is unlikely to be true.

They quoted unnamed sources as saying that the “time is not right” to enact any major changes.

This may also be true regarding the changing of the 49% ceiling on foreign ownership in condo buildings.

Earlier in the week sources in the media had suggested that the government were on the verge of allowing foreigners to buy houses of value 10-15 million baht in housing estates.

The condo ceiling was also being raised to as much as 80%, it was claimed.

Manager suggested that earlier claims were wide of the mark.

They quoted Surachate Koncheep of Phoenix Property Development and Consultancy Co Ltd as saying that the issues at hand were detailed and delicate.

With the government currently fully occupied with fighting the pandemic there was unlikely to be any moves to make changes until the pandemic was contained or over.

In addition he pointed out that foreigners were hardly beating a path to Thailand’s door.

With other countries facing many of their own problems Thailand was unlikely to see any foreigners come at least until July 1st and possibly not even then.

The message was clear – if things are going to change it won’t be now.

Investors should adopt a wait and see policy.

Thaivisa notes that many people on its forums had reacted to the news earlier in the week with some welcoming the news of a chance to buy a home – even at the steep asking price for many.

It has been something long dreamed of by those who want their own piece of land and a house in their own name.

Others came out and said that there is no way the Thais will change things.

At least for now the skeptics seem to have been proved right, though Thaivisa cautions that the stories are all “sources” for now with no official word either way.

Source: Thaivisa