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Foreigners to be allowed to own 75% of units in condominium projects

Foreigners to be allowed to own 75% of units in condominium projects
Written by World News

The Interior Ministry has been assigned by the Cabinet to amend the Condominium Act, to increase the foreign ownership limit in a development from 49% to 75%, and to amend the Land Act, to allow foreigners to lease land in Thailand for 99 years, up from the current 50.

Interior Minister Anutin Charnvirakul said on Friday that there is actually not much change needed to the Land Act, because the existing law already allows foreigners to lease land for 50 years, with an option to extend by a further 50 years.

He said the Land Act needs to be amended anyway, to provide assurance to foreign investors that they can utilize land in Thailand for up to 99 years in a single lease contract, making investment secure and worthwhile.

Anutin also explained that, although foreigners will be able to buy up to 75% of the units in a condominium development, their voting rights in the management of the development remain unchanged, with the Thais retaining the control.

The change in the Condominium Act should mean that more units will be bought by foreigners, as there is currently an oversupply, especially of low and moderately-priced units, said the interior minister, while claiming that Thailand and the Thai people will gain from the two amendments.

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