Giving foreigners longer property leases will not hurt Thais: Chada
Move Forward MP questions plans to open Thailand’s property market even further for foreign investors, asks if it will make it even tougher for locals to buy houses
Thais have nothing to worry about, said Deputy Interior Minister Chada Thaised in response to concerns over increasing the property leasehold period for foreigners to 99 years.
Chada was responding to an interpellation raised on Thursday by Move Forward Party MP Suphanat Minchaiynunt, who asked if the government has studied the pros and cons of the plan and whether it would make it tougher for Thais to buy houses.
The MP raised the question after the Cabinet agreed in principle last month to increase the foreign ownership ratio in condos to 75% from 49% and boost property leasehold to 99 years from 50 years.
He noted that many Thais already find it difficult to buy houses and asked if the government has prepared measures to help Thais acquire a house if the plan is implemented.
In response, Chada said that the plan to amend the 2019 Rights over Leasehold Asset Act was still being studied by the Land Department.
He said the department will carefully weigh the pros and cons of the plan to ensure the impact on the Thai public is minimal.
The minister also said that the aim of increasing the leasehold period is to draw foreigners to invest more in Thailand, but they will not become owners of the country as feared by the opposition.
“It will not be like the UK leasing Hong Kong,” Chada added.
He went on to say that if the department finds that the cons outweigh the pros, then Prime Minister Srettha Thavisin will most certainly cancel the plan. Also, he noted, if the government goes ahead with the plan, the House of Representatives will have a chance to screen and amend the bill anyway.
