Deputy Finance Minister Julapun Amornvivat defends the proposed measure allowing foreigners to buy real estate in Thailand, stating that it will have a positive impact on the local economy. Julapun refuted claims by critics who argue that this move amounts to “selling out” the country.
Julapun emphasized that increasing condo quotas for foreign buyers and extending land leasing periods for foreigners would not compromise Thailand’s sovereignty. He addressed concerns about potential effects on local property prices, attributing existing issues more to challenges in accessing loans from financial institutions rather than price fluctuations.
The government has instructed relevant agencies to assess the economic implications of the proposal before finalizing any decisions. Current government initiatives focus on fostering investment, boosting employment opportunities, and positioning Thailand as a global destination appealing to international visitors.
Julapun highlighted the government’s objective of attracting skilled foreign residents and outlined the proposal’s key points, including increasing the ownership quota for foreigners in condos from 49% to 75%, while keeping their voting rights capped at 49%. Additionally, the suggestion involves extending land lease periods to a single term of 99 years, aiming to attract more foreign investment.
Real estate industry leaders, such as Issara Boonyoung, expressed support for the proposal to extend land lease terms, citing its potential to enhance foreign investment. They recommended implementing the new foreign ownership regulations selectively in popular areas among foreigners like Bangkok, Phuket, and Pattaya.
Issara highlighted that a similar strategy was previously adopted post the 1997 financial crisis to stimulate the real estate market successfully.
