Thai land ownership laws deny foreigners from owning property in perpetuity. Farangs found ways around this ban by owning leasehold contracts for the land in 30-year periods with the right to renew for another 30 years. This loophole has appeared in jeopardy since the coup tightened the FBA or Foreign Business Act. No one wants to put money into land they can't own and accordingly real estate sales in Thailand have been sluggish, however the new finance minister has raised the possibility of extending the present 30-year lease to 50 years in special zones in order to stimulate sales in a moribund market.
These new zones will first be initiated on Bangkok's Sathon Road and then reportedly spread out to include the resort areas desperate for new residents in those thousands of empty housing estates in Phuket and Pattaya. China already has a 50 year lease and Singapore offers 99 years. This new proposal doesn't please everyone, for some Thais feel the land will be speculated out of the range of most Thais other than those speculating of rising property prices, so that Thailand will be bought by farangs.
Most Thais already think that foreigners own 74% of the nation.
Not my father-in-law.
Den knows his land is 100% his, although he would sell out in a heartbeat for the right price.
As for the 49% foreign quota for condominiums, the government will be checking to see in all condos are actually condos and not villas.
Overall this sounds like good news, but the process will take three sittings of Parliament, so don't hold your breath.
For a related article click on this URL
http://www.mangozeen.com/pattaya-beach-scam.htm
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