A leading figure in the real estate business has urged caution regarding the Thai government’s plans to relax laws regarding foreigners owning condos and land in Thailand. likened relaxing rules about condo and land ownership for foreign investors to allow them to live in Thailand to treason. ASEAN NOW



Picture: Sanook

 

A leading figure in the real estate business has urged caution regarding the Thai government's plans to relax laws regarding foreigners owning condos and land in Thailand. 

 

 likened relaxing rules about condo and land ownership for foreign investors to allow them to live in Thailand to treason.

 

Plans are afoot to allow 100% of condo developments to be owned by foreigners and even allow foreigners to own land and buy their own homes on that land in certain areas, reported Sanook.

 

But Dr Sophon Pornchokchai, who is chairman of the Agency for Real Estate Affairs cautioned in an online rant that it was not necessarily a good idea. 

 

He even went as far to say the plans were treasonous.

 

Dr Sophon warned that Thailand did not have the preventative measures in place like other countries to prevent the widespread purchase of land in Thailand by foreigners. 

 

He called for all sides to engage in debate about the issue and for the government not to just listen to the views of foreign investors who want the laws changed. 

 

All sides and all views need to be aired and considered.

 

In other reports on ASEAN NOW today we report that changes to land and condo ownership laws could be pushed through as early as next year. 

 

Thailand wants to kickstart the economy and attract a million wealthy foreigners including retirees and digital nomads to spend a trillion baht over the next five years. 

 

The issue is likely to stir strong feelings and the use of expressions like "khai chart" (selling out the country or treason) will doubtless be bandied about as both genuinely held beliefs and political attack weapons.