Foreigners allowed 75% ownership in condos

Thailand Interior Minister said that there is actually not much change needed to the Land Act, because the existing law already allows foreigners to lease land for 50 years, with an option to extend by a further 50 years.

He also explained that, although foreigners will be able to buy up to 75% of the units in a condominium development, their voting rights in the management of the development remain unchanged, with the Thais retaining the control.

The change in the Condominium Act should mean that more units will be bought by foreigners, as there is currently an oversupply, especially of low and moderately-priced units, said the interior minister, while claiming that Thailand and the Thai people will gain from the two amendments.