The Real Estate Information Center (REIC) wants to see targeted measures introduced to encourage overseas property investment in Thailand. Some experts have recently called for the country to loosen restrictions on foreign ownership of land and increase the condominium quota. However, not everyone agrees with these widespread actions.
“There is no need to increase condo ownership across the whole country. It is better to focus. We recommend individual projects have the right to increase their foreign ownership threshold, but only in certain areas of Bangkok, Chon Buri, Chiang Mai, Samut Prakan and Phuket, Dr Vichai Viratkapan, REIC Executive Director, explained to the Bangkok Post. “The government’s goal should be to focus foreign buyer transactions in the higher price ranges. That would prevent foreign buyers from competing with domestic buyers.”
Last year, the Center for Economic Situation Administration (CESA) announced that it was looking into creating a property stimulus package for foreign buyers to help lift the Thailand real estate market. No action has been taken apart from the introduction of the Elite Flexible One program from Thai Privilege Card at the start of 2021.
Related: Where can foreigners own freehold property in Asia?
Reopening tourism is the best way to encourage overseas property investment in Thailand
With Phuket set to welcome visitors quarantine free on July 1 and most other destinations gearing up for an October 1 reopening, the best way to encourage overseas property investment in Thailand may already be underway.
“It is more difficult to sell condos to buyers who have not seen them in person because sometimes you buy only because you fall in love with the property,” Dr Vichai stated. “Once the government can vaccinate people, having foreign visitors will be safe and it will be possible to restart travel.”
At the moment, all eyes remain on China as the country’s decision on restarting international travel will have a large say in the recovery of the Thailand property market.
“Since most foreign buyers are Chinese, the first factor is when the Chinese government allows their people to travel overseas,” Dr. Vichai noted.