The Federation of Thai Industries (FTI) said the plan to allow foreigners to own land in Thailand would be a new economic stimulus, particularly beneficial for the gradual recovery of the tourism sector.
The comment was made in response to a Home Ministry plan to relaunch a measure allowing foreigners to own a rai of land in the country if they invest 40 million baht.
FTI chairman Kriengkrai Thiennukul said the plan would provide long-term economic and investment benefits and encourage wealthy foreigners to consider retiring in the kingdom.
The FTI also said it would help and support real estate companies affected by the Covid-19 pandemic and the Russian-Ukrainian conflict.
According to the Real Estate Information Center (REIC), foreigners remain interested in Thai residential real estate. This is especially true for Chinese nationals, who accounted for 45% of foreign condo owners in the first quarter of 2022.
REIC reported that between 2018 and 2020, a total of 34,653 condominium units with a total value of 145.6 billion baht were transferred to foreigners. He added that during the first quarter of 2022, Bangkok and Chon Buri were the most popular places for foreigners to own condominium units. The other three main provinces were SamutPrakan, Phuket and Chiang Mai. (NNT)