Non-resident buying of Thai properties could more than double that of pre-pandemic levels amid government easing of ownership rules.
According to the Real Estate Information Center (REIC), annual registrations of houses and condominiums by foreigners could potentially reach upwards of 100 billion baht (US$2.6 billion) when the proposed easing kicks off.
According to REIC, annual non-resident purchases were about 50 billion baht during the pre-pandemic period.
The government aims to accelerate Thailand’s post-pandemic economic recovery by allowing foreigners to purchase residential land if they invest a minimum of 40 million baht for at least three years. Non-residents are currently only allowed to own condominium units.
Following Cabinet endorsement last week, the proposal has been forwarded to the Office of the Council of State and relevant government agencies for further assessment before receiving final approval. (NNT)
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