Foreign ownership of condominiums has been increased to 75% in response to sluggish sales. What are the disadvantages?

Thailand’s Ministry of Interior has announced that it has been ordered by Cabinet to amend the Land Law to raise foreign ownership limits in condominiums to 75% from the current 49%, and to extend the period for which foreigners can lease land in Thailand to 99 years from the current 50 years. 

Interior Minister Anutin explained that in practice no major changes to the Land Law are needed, as current law already allows foreigners to lease land for 50 years, with the option to extend for a further 50 years.

Anutin also explained that foreigners will be able to buy up to 75% of units in condominium developments, but their voting rights in the development management association will remain unchanged, allowing Thais to retain control.

The Interior Minister said that with there currently being an oversupply of low- and mid-priced units, the changes to the Condominium Law are expected to see more units bought by foreigners, which Thai nationals will also benefit from.

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