A proposal to attract foreigners by lengthening property leaseholds from 30 years to 50 years and allowing foreign condo ownership to increase over the 49% current restriction was shot down today by the Centre for Economic Situation Administration. The committee, headed by PM Prayut Chan-o-cha, rejected those proposals but did seem open to foreigners being permitted to own up to one rai of land for residential use. The land ownership issue will be sent to the Land Department for a two-month study on the feasibility of allowing foreign land ownership before they will make a proposal to the CESA to consider.
The push for foreigners to be able to own more than 49% of a condominium and to extend leasehold rights was put together by an ad hoc committee brainstorming ideas for new investment incentives and privileges to attract foreigners to come to Thailand. But anonymous sources say…
