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01-07-2024, 08:57 AM
This time, Prime Minister Srettha Thavisin defended the idea of increasing the foreign ownership quota for condos to 75% and extending leasehold contracts to 99 years, as soon as this topic was leaked to the media.
Buyers in the first quarter this year were from China, Hong Kong, Singapore, Germany and Denmark, but the majority were Russians who bought for their own use and as an investment.
Many villa buyers purchased the units under a leasehold contract with a 30-year term and an extension of 30 years.
However, some used Thai nominees to set up a Thai firm to own a landed house, as lawyers advised this method was more secure than a leasehold contract, which was too short for the buyers, said Mr Phattarachai.
"In Phuket, a leasehold period is 30 years plus 30 as a minimum. Some projects offer 90 or 120 years in a single agreement," said Nattha Kahapana, managing director of property consultant Knight Frank Thailand.
He said nominee firms holding a landed house or even a condo unit for foreigners who set up the companies have become less popular because of a crackdown on the practice.
Furthermore, he said lease agreements should be amended to take greater care of property rights, ensuring stability for leaseholders, unlike current lease agreements that terminate upon the death of either party.
"Canada passed laws prohibiting the sale of property to foreigners for up to two years because of rapid price increases driven by an influx of foreign purchases, with prices skyrocketing beyond what locals could afford," said Mr Surachet.
https://www.bangkokpost.com/property/282...ut-borders
Buyers in the first quarter this year were from China, Hong Kong, Singapore, Germany and Denmark, but the majority were Russians who bought for their own use and as an investment.
Many villa buyers purchased the units under a leasehold contract with a 30-year term and an extension of 30 years.
However, some used Thai nominees to set up a Thai firm to own a landed house, as lawyers advised this method was more secure than a leasehold contract, which was too short for the buyers, said Mr Phattarachai.
"In Phuket, a leasehold period is 30 years plus 30 as a minimum. Some projects offer 90 or 120 years in a single agreement," said Nattha Kahapana, managing director of property consultant Knight Frank Thailand.
He said nominee firms holding a landed house or even a condo unit for foreigners who set up the companies have become less popular because of a crackdown on the practice.
Furthermore, he said lease agreements should be amended to take greater care of property rights, ensuring stability for leaseholders, unlike current lease agreements that terminate upon the death of either party.
"Canada passed laws prohibiting the sale of property to foreigners for up to two years because of rapid price increases driven by an influx of foreign purchases, with prices skyrocketing beyond what locals could afford," said Mr Surachet.
https://www.bangkokpost.com/property/282...ut-borders
