Thailand Moves for 99 Year Land Leases
The lease plan hopes to attract foreign investors
The Thai government is planning to extend leaseholds in the special economic zones of the Eastern Economic Corridor (EEC) from 30 to 99 years, with an initial lease of up to 50 years and a renewal of up to 49 years reports The Nation.
Under the current Thailand real estate law, foreign investors can only lease land for periods not exceeding 30 years and although the lease can be extended for another 30, the government fears that the uncertainty can hold some investors back.
Extending the leaseholds from 30 to 99 years could be the key to attracting foreign investors to expand their investments in the country said Issara Boonyong, chief executive officer of Kanda Group and an adviser of the Business Housing Association.
According to The Nation, the private sector has welcomed the idea with Thai Condominium Association president Prasert Taedullayasatit saying, “If the government opens up the opportunity for foreign buyers to hold residential leases for up to 99 years, like Singapore and Malaysia do, it will boost residential demand as the country is the gateway to the Asean Economic Community [AEC].”
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