Leases up to 99 years, foreign condominium ownership quota of 75% amongst proposed modifications An aerial view of high-rise property and workplace structures in Bangkok in June2024 (Photo: Nutthawat Wichieanbut) Local genuine estate executives haveactually revealed assistance for propositions to extend land-lease durations to as long as 99 years, stating the modification would be favorable to drawingin more foreign financialinvestment. Representatives of 7 genuine estate organisations fulfilled with authorities of the Department of Lands and associated firms to talkabout modifications to motivate genuine estate purchases by immigrants, Issara Boonyoung, honorary president of the Housing Business Association, stated on Saturday. Another considerable modification, verified on Friday by Deputy Prime Minister Phumtham Wechayachai, is a proposition to raise the percentage of foreign ownership enabled in condos from 49% to 75%. The 7 organisations consistof the Housing Business Association, the Thai Condominium Association, the Thai Real Estate Association, the Home Builder Association, the Real Estate Sales and Marketing Association, the Thai Real Estate Brokers Association and the genuine estate advancement committee of the Thai Chamber of Commerce. Mr Issara stated the conversations were triggered by a cabinet resolution in April, intended at stimulating the economy through the genuine estate sector and preparing the nation to endedupbeing a worldwide commercial center. Following up on the resolution, the Ministry of Interior, which supervises the Department of Lands, was authorised on June 18 to researchstudy the expediency of 2 modifications, according to Mr Phumtham. The veryfirst change includes extending lease durations from 30 years to 99 years by changing Section 4 of the Rights over Leasehold Asset Act, altering the optimum period from 30 years to
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