The Thai Real Estate Association calls for measures to support real estate business to stimulate the economy. The main issue was to allow foreigners to own over 49% of the property in the residential complex.
The government fears that the repeal of the 49% law will infringe on the rights of Thais. The Real Estate Association proposes to amend the law for 5 years in certain territories where many foreign nationals live: Pattaya and Phuket. It also proposes to extend the lease term of the land from 30 to 50 years.
This measure will attract more foreigners and help the Thai economy. Now, to overcome difficulties in buying a home, foreign citizens are creating dummy companies in Thailand.
The Ministry of Internal Affairs attracts wealthy foreigners to the country and gives them the right to buy land.
On December 31, 2022, measures to stimulate the real estate market will cease to operate: the abolition of the property rights commission, a reduction in the mortgage interest rate and zero first mortgage payment.
It is believed that attracting foreigners will have a greater effect on stimulating the economy than extending the above measures.