Interior Ministry to propose increase in foreign ownership ratio in condos

This move is in line with the Cabinet’s resolution on property stimulus measures on June 9, which aims to promote Thailand as the world’s industrial hub and attract big investors to the country.

Deputy Prime Minister Phumtham Wechayachai asked relevant agencies on Tuesday (June 18) to review the feasibility of the measure.

Interior Minister Anutin Charnvirakul

Interior Minister Anutin Charnvirakul said on Friday that an increase in the length of a leasehold on a property for foreigners from 50 years to 99 years could boost confidence among investors.

Regarding the proposal to raise the level of foreign ownership allowed in condominiums from 49 per cent of a building’s usable space to 75 per cent, he said it would come with conditions, such as limiting foreigners’ voting rights if the ownership exceeds 49 per cent.

He said this measure would boost sales of Thai property developers and maintain a balance between demand and supply. He affirmed that this measure was not aimed at benefiting some private property developers.

“We would like to ask people to think positively. There could be some negative impact but it is low compared to the positive impact,” he said.

Anutin vowed to propose this issue to the Cabinet as soon as possible, along with hearing comments from agencies and the people.

This measure would not benefit some people, but benefit all people and Thailand, he added.

Deputy Prime Minister Phumtham Wechayachai

Meanwhile, Phumtham said this property stimulus measure was currently under study to see its impact on the country.

He said he was not worried about political issues because the Cabinet’s order was made based on proposals of the people and property developers.

It cannot be said yet whether the measure would benefit some private property developers as it was currently under study, he said.

He added that there were still many other proposals from foreigners, which the government would consider thoroughly.