As a result of the Thai government relaxing ownership restrictions, the number of non-residents purchasing Thai real estate could more than double the levels seen before the outbreak.
The Real Estate Information Center (REIC) estimates that after the proposed relaxation of regulations is put into effect, annual registrations of houses and condominiums by non-Thais might potentially reach upwards of 100 billion baht (US$2.6 billion).
During the time before the pandemic, the REIC estimates that annual purchases made by non-residents totaled approximately 50 billion baht.
It is the goal of the Thai government to hasten the economic recovery of Thailand after the epidemic by allowing foreigners to purchase residential land on the condition that they make an investment of at least 40 million baht for a period of at least three years. Condominiums are the only type of property that can be owned by non-locals at this time.
After getting agreement from the Cabinet the previous week, the plan has now been sent to the Office of the Council of State as well as other relevant government agencies in order to undergo additional review prior to being granted final approval.
