Foreign land ownership will support affected real estate companies in Thailand – FTI
The Federation of Thai Industries (FTI) said the plan to allow foreigners to own land in Thailand is a new economic stimulus, particularly beneficial for the gradual recovery of the tourism sector.
The comment was made in response to a plan by the Interior Ministry to revive a measure allowing foreigners to own one rai of land in the country if they invest 40 million baht.
FTI Chairman Kriengkrai Thiennukul explained that the plan would provide long-term economic and investment benefits and would encourage wealthy foreigners to consider retiring in the kingdom.
The FTI also said it will help and support real estate companies affected by the Covid-19 pandemic and the Russia-Ukraine conflict.
According to the Real Estate Information Center (REIC), foreigners remain interested in Thai residential real estate. This is especially true for Chinese nationals, who accounted for 45 percent of foreign condominium ownership in the first quarter of 2022.
REIC reported that a total of 34,653 condominiums worth a total of 145.6 billion baht were transferred to foreigners between 2018 and 2020. It added that Bangkok and Chon Buri were the most popular locations for foreigners looking to own condominiums in the first quarter of 2022. The other three top provinces were SamutPrakan, Phuket and Chiang Mai. (NNT)