Thailand's Cabinet has asked the Interior Ministry to amend the Condominium Act by increasing the foreign ownership limit from 49% to 75% and to amend the Land Act by allowing foreigners to lease land for 99 years, up from the current 50.
However, although foreigners can buy up to 75% of the units in a condominium development, their voting rights in the development management would remain unchanged, with the Thais retaining the control.
There is currently an oversupply of condominiums, especially of low and moderately-priced units, according to Interior Minister Anutin Charnvirakul.
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