Thailand is currently at a crossroads, deliberating potential reforms to its property laws that could significantly alter the landscape for foreign buyers. Prominent figures, including Thaksin Shinawatra, an unofficial adviser to the government, are advocating for changes to bolster foreign investment in the countryÂ’s real estate market, hoping to invigorate economic growth that has remained sluggish in recent years.

At present, ThailandÂ’s property laws are quite restrictive to foreign ownership. Foreigners can own a maximum of 49% of condominium units in any building, ensuring that Thai citizens maintain majority control. Land leases, on the other hand, are typically capped at 30 years, a policy designed to prevent permanent foreign ownership over what is deemed a national asset.

However, the proposed reforms seek to extend these limits significantly. Suggestions include allowing foreigners to own up to 75% of condo units and extending leaseholds on land to 90 years. Proponents argue these changes would stimulate the property market by attracting foreign capital, providing a much-needed revenue stream, reported Barry Kenyon for Pattaya Mai