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Wednesday, July 17, 2024
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Perspectives on the Real Estate Market Acknowledgement from the Cabinet

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The Cabinet recently approved a ministerial regulation allowing foreigners to buy 1 rai of Thai land. Buyer must spend at least 40 million baht in Thailand for 3 years. Thai real estate business says this shift will boost the economy.

When asked about the future of the condo market and the real estate industry in general, Phiraphong Charun-ek, president of the Thai Condominium Association, stated both should recover to their pre-pandemic levels in 2019. Next year, the residential real estate market might be worth between 400 and 450 billion baht. As a result, condos purchased by non-native investors are seeing annual growth rates of 5% to 7%.

Mr. Phiraphong said that the recent Cabinet clearance of foreign ownership of land was a wise move that would stimulate economic expansion. He said that the Thai property market would keep commissioning new building projects to accommodate the growing interest from international buyers. In turn, this would lead to an increase in available jobs. He said that properties costing over 20 million baht will benefit from the next government order.

Mr. Phiraphong claims that Chinese investors are the largest foreign group purchasing property in Thailand. Customers from Singapore, Hong Kong, Europe, Russia, and Taiwan all follow in their own right. Assuming China eases travel restrictions, he expects the condo market to rise by 10% in the coming year.

The head of the group also requested that the government extend the period during which the lower transfer and mortgage registration costs would be in effect. He advocated sustaining the current policies until 2023.

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