Weekly Thai Real Estate News Roundup, Week 4, 2022
Foreign Land Ownership in Thailand - soon a reality?
After the Economic Management Committee meeting that was held this week, the government house spokesperson has announced that there might be a consideration on allowing property ownership for foreigners. The benefit will only be provided to those who fulfill certain criteria which have yet to be confirmed.
The proposed changes to foreign ownership discussed during the meeting are as follows:
- The right to own land up to 1 Rai (1600 sqm) for residential purposes.
- Increasing the current maximum quota of 49% foreign ownership in condominium buildings in 11 provinces.
- Extending the lease period duration for foreigners from 30 years to 50 years.
The Revenue Department was tasked to write a draft for the Royal Gazette, to be presented to the cabinet for further consideration by the end of next month.
Source: https://www.prachachat.net/politics/news-847089
Reduction of transfer fees now in effect
Since the 18th of January, the reduction of land transfer fees have been confirmed for single houses, detached houses, twin houses, townhomes, commercial buildings, and condos, both new and second-hand. The reduction is valid until the end of this year.
Who: The Ministry of Interior announced that the reduction of transfer fees and mortgage was introduced to support the Real Estate market in Thailand. The goal is to promote the buying and selling of properties in key segments to create a sense of stability in the market.
Noble Development announced 18 new projects
NOBLE, one of the leaders in real estate development in Bangkok reveals that they expect the overall real estate market in 2022 to recover from 2021. The company plans to launch 18 new projects with a total project value at 47,700 million baht.
The new projects consist mainly of low-rise complexes (12 low-rise condominium projects with a total project value of 18.8 billion baht) and 6 high-rise projects with a total project value of 28,900 million baht. The first five projects to launch this year are as follows:
- Nue Noble District R9 next to Central Rama 9 - starting at 2.9 million baht
- Nue Noble Mega Plus Bangna - starting at 1.89 million baht
- Nue Noble Z-Square Suan Luang Station - starting at 1.79 million baht
- Nue Noble Evo Ari - starting at 3.9 million baht
- Nue Noble Connex Condo Don Muang - starting at 1.09 million baht
Source: https://www.noblehome.com/th/news_detail/corporate_news/178
Richy to accept cryptocurrencies through a partnership with Bitkub
Developer Richy has announced a partnership with Bitkub, a Thailand-based digital asset exchange. The company announced that it will now be accepting payments in digital currencies.
Objectives: Richy hopes to expand their target audience as well as boost its buying power by allowing payment via cryptocurrencies. The company is upbeat about this collaboration and expects to increase its sales growth to a volume of 4 billion baht this year.
