Proposals to up international possession quota for condos, extend leasehold rights rejected

While plans for a 10-year visa scheme for the wealthy and high-skilled professionals is shifting ahead, proposals to extend the foreign ownership quota for condominiums and the utmost lease for foreigners had been rejected by Thailand’s Centre for Economic Situation Administration. The proposal to permit foreigners to hold possession of one rai of land for residential functions was agreed in precept.
In its assembly final month, chaired by PM Prayut Chan-o-cha, officers decided to scrap the proposals for an extension of leasehold rights to the present maximum of a 30-year lease for expats to a 50-year lease as well as an increase of the international possession quota for condominiums, which is currently set at 49%.
Some say the overseas possession quotas are nonetheless not being reached, in order that rejected proposal won’t have much influence. The chief corporate technique and creation at SET-listed developer AP Thailand Plc told the Bangkok Post that even Bangkok and Phuket, with large expat communities, aren’t hitting the 49% quota.
“Both Bangkok and main foreign-tourist destinations like Phuket are nonetheless seeing a condo possession quota of less than 49%. As a end result, the rejected proposals will not have an effect on property developers.”

The chairperson of property consultant CBRE Thailand informed the Bangkok Post that the federal government ought to reconsider the proposal to increase leasehold rights from 30 years to 50 years. The extension of the leasehold rights is intended to make investments in large-scale initiatives more enticing. ติดตั้งโซล่าเซลล์Huawei can not purchase houses on a freehold foundation, so a longer leasehold would potentially enhance demand in the low-rise housing market..

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