The Federation of Thai Industries (FTI) has said the plan to allow foreigners to own land in Thailand would be a new economic stimulus, especially beneficial to the tourism sector’s gradual recovery.
The comment was made in response to a plan by the Ministry of Interior to revive a measure allowing foreigners to own one rai of land in the country if they invest 40 million baht.
FTI Chairman Kriengkrai Thiennukul stated that the plan would provide long-term economic and investment benefits and encourage wealthy foreigners to consider retiring in the kingdom.
The FTI also said it would assist and support real estate companies impacted by the Covid-19 pandemic and the Russia-Ukraine conflict.
According to the Real Estate Information Center (REIC), foreigners remain interested in Thai residential property. This is especially true for Chinese nationals, who accounted for 45 percent of foreign condo ownership in the first quarter of 2022.
REIC reported that between 2018 and 2020, a total of 34,653 condominium units worth a total of 145.6 billion baht were transferred to foreigners. It added that during the first quarter of 2022, Bangkok and Chon Buri were the most popular locations for foreigners wanting to own condominium units. The other three top provinces were Samut Prakan, Phuket, and Chiang Mai.