Plans to allow foreigners to own land in Thailand were canceled by the government after it received a negative response from many powerful groups. The Cabinet of Ministers recently approved a project allowing foreigners to own up to one paradise of land for personal residence, but the project was canceled.
The Thai Real Estate Association together with the Thai Condominium Association, the Housing Business Association, the Thai Chamber of Commerce and 14 other associations met to discuss alternatives to granting foreigners ownership of land in Thailand.
Other representatives of the real estate industry have called on the government to review the rules of land ownership by foreigners in Thailand to attract investment.
Where can foreigners own land in Asia? In fact, there are several countries in Asia that have already sanctioned land ownership for foreigners: Japan, South Korea and Malaysia.
Initially, it was assumed that the permission to own land could bring the country investments of more than 40 billion baht per year.