In Hawaiʻi, condominium sales are a statistic reflecting one part of the economy. But these days in Thailand, they're the center of a political argument involving foreign investment and economic growth.
Condominium projects can attract buyers and capital from overseas, but governments around Southeast Asia balance that with leaving a certain percentage of the housing for locals.
A common approach is to limit the percentage of condo units in a building that can be purchased by foreigners.
And in Thailand that mix is the topic of a strenuous debate.
The Bangkok Post turned to the president of a real estate business group called the Thai Appraisal Foundation for some regional perspective.
Sopon Pornchokchai says foreign ownership of condos is limited to 30% of a project in Vietnam, 49% in Indonesia, and 50% in Malaysia.
In Thailand, the limit is currently 49% — but the government wants to boost that to allow foreign ownership of up to 75% of building units in a condo.
Critics have called that “selling off the country.” They also say it would attract international crime organizations seeking to launder money.
The prime minister says it's part of a broader package to stimulate the economy.
The Interior Ministry is now studying the impact of changing the law — as well as a related move that would more than triple the legal lease period for foreign ownership.
