Pattaya reforms foreign ownership

Posted March 15, 2012 by Real Estate Thailand in Thailand Real Estate News | Comments Off

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. The Interior Ministry currently regulates the foreign quota on condominium at 49 per cent of sellable space. By creating a higher limit would assist developers in upping their foreign ownership quota via the sale of more units.

In the case of a lacking in Thai buyers, foreigners will be allowed to purchase units if the limits are increased. With the large amount of Russian tourists heading to Pattaya for holiday via the U-Tapao Airport has created an influx in the Pattaya property market. As the tourist population remains afloat, the city has realised that improvement of their infrastructure and the developing of a mass transit system are intrinsic.

Additionally, Pattaya is expanding the width of their scenic beaches to roughly two meters.

Source: property-report