PROPERTY
Tweaking foreign ownership rules proposed
Modest adjustments to existing foreign property ownership legislation to improve inbound investment could help produce major benefits in real estate, construction, retail consumption, education, transport, schooling, and tourism, says a local property executive.
"We support the Joint Foreign Chambers of Commerce in Thailand, which raised the issue of foreign ownership and sought to improve inbound real estate investment into Thailand," said David Simister, chairman of the property agency CB Richard Ellis Thailand.
Typically, foreign buyers represent approximately 20% of the Bangkok condominium market while in areas such as Pattaya, market demand is 80% foreign versus 20% domestic.
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