Sunday, November 27, 2022

Real estate sector views Cabinet endorsement positively

BANGKOK (NNT) – The Cabinet recently endorsed the drafting of a ministerial regulation that will enable certain foreigners to purchase 1 rai of land in Thailand. The buyer would need to invest at least 40 million baht in Thailand and retain the investment for at least 3 years. The Thai real estate sector has given a positive nod to this development, saying the policy will contribute to economic growth.

Thai Condominium Association president Phiraphong Charun-ek said the condominium market and market for other properties are expected to return to their pre-pandemic status next year. The value of the residential property market is expected to reach 400 to 450 billion baht next year. Meanwhile, the market for foreign-owned condominium units is growing at 5-7% per year.

Citing the recent Cabinet approval for foreign ownership of land, Mr. Phiraphong said this is a good policy that will push economic growth further. He said the Thai real estate sector will be commissioning construction projects continually to meet the new demand from foreigners. This would, in turn, create more employment. He said homes priced above 20 million baht stand to benefit from the upcoming ministerial regulation.

According to Mr. Phiraphong, Chinese buyers make up the no. 1 foreign group buying Thai real estate. This is followed in respective order by buyers from Singapore, Hong Kong, Europe, Russia, and Taiwan. He expects the condominium market to grow by 10% next year, provided that China relaxes its travel restrictions.

The association president also said he wanted the government to extend the implementation period for reduced transfer and mortgage registration fees. He said these measures should be extended until 2023.

Information and Source

Reporter : Namo Vananupong

Rewriter : Tarin Angskul

National News Bureau :

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