Why foreign buyers might be losing interest in Thailand
June 11, 2015 - Thailand
Many countries in the ASEAN region are currently making moves to extend leasehold periods on residential condominium and commercial property to foreign buyers and companies in order to invite more foreign investment into their countries.
Singapore and Malaysia lead the way in terms of opening up investment opportunities to foreign investors, with 99-year unconditional leasehold terms across the board, according to The Nation. These are the most generous terms across ASEAN.
Countries paying heed to Singapore and Malaysia’s foreign investment strategies include Vietnam, which, for the first time is allowing foreigners and foreign companies to own up to 30 percent of units in any apartment building and a maximum of 250 houses in a housing development.
From July this year, foreigners will be able to extend their 50-year leasehold for an additional 50 years, according to The Gulf Times.
Cambodia, Myanmar and the Philippines are also making positive murmurings by making 50-year leaseholds available to foreign buyers. Development and industrial leases will be granted for up to 99 years.
Laos, Indonesia and Brunei trail behind the rest of ASEAN with just 30-year leasehold periods. Extensions up to 99 years in these countries are considered but it does remain very much a government decision.
Meanwhile, the pressure is on in Thailand as leading property developers lobby the government to allow 99 year leases for all types of land, including residential.
Currently the residential leasehold period for foreigners is 30 years, extendable once for another 30.
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Trends, property investment, Investment property, foreign investors