Thailand will allow foreigners to buy land for housing, as the country seeks to boost its economy by enticing more wealthy international investors. Currently, property ownership by individuals is limited mainly to condominium units or through complicated long-term lease agreements. The new plan will allow eligible foreigners to own as much as one rai (0.4 acres) of land for residential purposes. The programme targets top professionals, high-net-worth individuals and retirees, who will be eligible to own housing sites – but only in Bangkok and Pattaya. To qualify for residential land ownership, people must invest at least 40 million baht for a minimum of three years, an amount that includes the price of the property. The proposal will be forwarded to the Office of the Council of State and relevant government agencies for further assessment before final approval.
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