Review Underway for Quota on Foreign Condo Ownership
June 23, 2024
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The Thai government is currently examining the possibility of increasing the allowable foreign ownership share in condominiums from 49% of a building’s usable space to 75%. Deputy Prime Minister Phumtham Wechayachai shared this development.
New 2-Bedroom Condo BTS Nana
The Ministry of Interior has also been tasked with evaluating whether extending the leasehold period for foreign property owners from 50 to 99 years is appropriate. This proposal emerged during a cabinet meeting in April as part of the government’s efforts to boost the economy and attract foreign investment.
Executives in the local property industry are advocating to adjust the foreign ownership limit, citing increased demand from foreign buyers. Simultaneously, elevated household debt levels and stricter lending conditions have impacted local buyers’ interest in properties. Consequently, developers have become more prudent.
In 2023, foreign buyers were involved in 14,449 condo transfers, marking a 25% increase from the previous year. The total value of these transactions rose by 23.5% to 73.1 billion baht, surpassing pre-pandemic levels.
Among nationalities, the Chinese led the way, accounting for 45.8% of the total units transferred and 46.7% of the overall value. Russians, Americans, and Myanmar nationals followed suit.
Foreign demand for Thai condos is expected to surge in the near future, driven by increased interest from buyers abroad and the possible increase in foreign freehold quota, if and when happens.
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Buying a condo “with tenant” means the property is already rented out when you purchase it. This provides immediate rental
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How can I generate rental income from my condo?
Choose high-demand locations near BTS/MRT, universities, hospitals, or offices. Keep the unit well-furnished and maintained.
Decide between short-term or long-term rentals based on your goals. Work with a local agency like CondoDee to market, screen
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+66 2 038 5897
· WhatsApp:
+66 62
189 9659
· LINE:
@realty
Can foreigners buy a condo in Bangkok?
Yes. Foreigners can own units under the foreign freehold quota (up to 49% of a building’s sellable area). Funds must be
remitted in foreign currency with proper documentation, and the unit must be within the available foreign quota at purchase.
CondoDee helps verify quota, handle documentation, and guide transfers. Contact:
win@condodee.com
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+66 2 038 5897
· WhatsApp:
+66 62
189 9659
· LINE:
@realty
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