The Thai government is seeking to attract talented foreigners by offering property ownership for relocating, however, this has spurred controversy. Property analysts believe regulations related to zoning and volume limitation should be applied to keep condominiums affordable.
The Chairman of the committee for real estate development at the Thai Chamber of Commerce, Issara Boonyoung told the Bangkok Post that many people are concerned about the cabinet’s recent scheme. The government plans to promote wealthy foreigners with the opportunity to buy land in Thailand.
He said a foreign property ownership quota of higher than 49% is not new for Thailand. It was applied back in 1999 after the financial crisis. The government tried to revive the Thai economy In the same fashion.
“However, only a condominium few projects could secure foreign ownership of more than 49…
