Thailand is considering allowing foreign ownership to increase from 49% to 75% and extending leases for up to 99 years in a bid to boost economic growth through real estate sales and increased foreign investment. Meesak, a prominent figure in the Thai real estate industry, expressed support for the government’s proposal during an interview with Nation TV.
Meesak acknowledged that many expats living in Thailand currently own properties and conduct business through domestic nominees, with Thai shares at 51% and foreign shares at 49%. He provided data on registered companies in prime locations across Thailand, highlighting the prevalence of nominee firms in these areas.
In Chonburi province, approximately 29.04% of the 56,756 companies could be nominee firms. Similarly, in Phuket, roughly 28.71% of the 26,292 companies could be nominee firms. In Surat Thani, around 43.49% of the 17,713 companies could be nominee firms, while in Prachuap Khiri Khan, about 35.46% of the 5,462 companies could be nominee firms.
While Meesak supports the government’s proposal to increase foreign ownership and extend leases, he emphasized that he only backs the idea of allowing foreigners to buy residences, not long-term property for business purposes. Meesak highlighted the delicate nature of these issues and the potential risks associated with allowing foreigners to buy or lease properties for business use.
Overall, Meesak expressed optimism about the government’s proposal and its potential to boost economic growth in Thailand’s real estate sector.