With Asean Economic (AEC) forming in 2015, Pattaya officials are buckling down on foreign ownership in condominium projects from 70 per cent to 49 per cent. Deputy mayor, Ronakit Ekasingh said, “Pattaya needs to get ready for the AEC. If we wait until 2015, it may be too late as other countries in Asean are now preparing for the single regional common market.” As Pattaya is a special administrative area, Ekasingh’s hope is for Pattaya to lead the way in promoting investment in Thailand. Additionally to Pattaya being a tourist destination, Phuket is as well which is why a pilot programme should be instilled as both cities have their own administrative authorities
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Thailand Property – Pattaya reforms foreign ownership
Thailand Real Estate
This points to the need for a better and more transparent system for issuing travel warnings. Countries are generally large, and it is rare when travel to every part of a country can be deemed unsafe. A civil disturbance in Toronto doesn’t affect travel to Vancouver any more than demonstrations in central Bangkok affect vacationers in Phuket.
Examples like these lead me to urge foreign embassies and the global media to think of their responsibility to prevent unnecessary panic towards their host nations and to see that an accurate picture is projected.
Thailand’s property market was able to rebound from past crises and there is every reason to believe it will be able to absorb the blow of recent political tensions. The taxation situation has actually improved the conditions for purchasing property in Thailand, and if property prices do dip slightly as a result of the current situation it may actually be a good time to buy as there is a very real possibility Thailand property will regain its golden outlook soon. As a result, the financial condition of most major housing developers in Thailand is much more robust than in the past. The development of the local bond markets and increasing domestic savings has the made the industry much less dependent on foreign funds, a significant difference from 1997.
Land Ownership: In general, non-Thai businesses and citizens are not permitted to own land in Thailand unless the land is on government-approved industrial estates. Under the 1999 amendment to the Land Code Act, foreigners who invest a minimum of 40 million Baht (approximately US$1.2 million) are permitted to buy up to 1,600 square meters of land for residential use with the permission of the Ministry of Interior. If the required land is not used as a residence within two years from the date of acquisition and registration, the Ministry has the power to dispose of the land.