The government proceed to changing the law to allow foreigner to buy the house in Thailand by freehold condition. The raking price is between 10-15 million Thai Bath.
Beside of that, the new law will expand the foreign owner’s ratio for the condominium from 49% to 80%. This law is about New Royal Act to allow the foreigner owns the housing estate by Freehold.
We are suggest you to read this article how current the foreigner can own the house: Buying a House in Thailand.
Convincing foreign fund to buy property in Thailand.
Mr. Suphatpong Puntamechao, the vice-priminister stated that due to Covid-19 many foreigners looking for second house that combination with the good food and good public health. And Thailand is the choice for them that foreigner seeking for long stay and vacation time. So, the Thai Government trying to convince foreign fund to buy property in Thailand.
Moreover, the government has intention to convince the foreigner to come to retire in Thailand. Because this segment has stable fund, pension, saving, provident fund and good insurance from their home country
Drafting to change law allow foreigner to buy house and condominium in Thailand.
The government stated that they are on process to change the law to convince the foreigner put more invest in Thailand by purchasing the property both of condominium and house. The law that will be changed is Land Code, Condominium Act, Civil and Commercial Code to expand they quota to buy the condominium and allowing them to buy the house as well.
Currently, the quota that allowed the foreigner to buy is 49% of the total area of the condominium project.
For this change, the quota will be allowing them own to buy the condominium 80% of the total area of the project.
However, the portion that exceed 49% will no has right to vote on Juristic Person of the Condominium meeting.
Please read this information for the process to purchase condominium: Buying a Condominium in Thailand.
Foreigner can buy the house for the price above of 10 million Thai Bath.
This time will be adjusted the Land Code to allow the foreigner to buy the single house, but it will be for the housing estate project only and the propose price for exceeding 10 million Thai Bath. This will help to absorb the oversupply unit in Thai market. And expect that the government will allow foreign to buy under quota 49% of the project’s total area.
Moreover, the government plan to adjust the Leasing Property for Commercial and Industrial Act to allow the foreigner can lease for 50 years + 40 years to more confident for the foreign investor.
Temporary Campaign for 3-5 years only.
The above adjustment of new Royal Act will allow for temporary only. The expect time is around 3-5 years after Covid-19 spaded in order to convince fund flow from oversea.
And it may help to absorb the condominium in the market that now over supply.
Beside of that, the government is seeking the change the Visa and Work Permit law to make it more convenience for the foreign investor to long stay in Thailand.
Timeframe for Implementation.
Mr. Suphatpong, the Vice Priminitor stated that this change of new and Royal Act will be consider by board of government around end of April or beginning of May 2021.
Then the government will be assigned to the Council of State of Thailand to public as the law accordingly.