Asian Property Review chats with Srettha Thavisin, President of Sansiri PLC and Cobby Leathers, Head of International Business, Sansiri PLC, on the current situation for foreigners interested in owning a piece of Thailand.
Q: Can foreigners buy land in Thailand? If not, are there plans to allow them to own land or landed property instead of just strata property?
A: Foreigners are not allowed to own land, unless they are married to a Thai national. However, they can own up to 49% ownership in any condominium development, making freehold condominiums the best purchasing option in Thailand for foreign buyers.
Outlined by the Condominium Act B.E. 2522 (1979), freehold condominiums allow foreigners direct freehold ownership of the condominium unit, as well as common property co-ownership via a special status. This grants absolute ownership of the property which is the best form of tenure that foreigners can be granted in Thailand, resulting in greater ease of buying and reselling of the property.
Q: Will ownership tenure be increased for foreigners in the future?
A: There are no talks for this at the moment, unfortunately.
Q: With the new King and the military at odds sometimes, will this give rise to some political uncertainty that might cause a loss of confidence in Thailand?
A: We believe that Thailand is unlikely to face major economic disruption or political uncertainty in the near future.