Pattaya wants 70% foreign condo limit

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PATTAYA – Pattaya officials want condominium foreign ownership limits increased to 70% from 49% to help keep Thailand competitive once the Asean Economic Community (AEC) is formed in 2015.

”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,” said deputy mayor Ronakit Ekasingh.

Pattaya would propose the idea to help promote investment in Thailand, he said.

Pattaya is a special administrative area.

The policy should be applied as a pilot programme in Pattaya and Phuket, major tourist destinations that have their own administrative authority.

The foreign quota on condominium ownership is regulated by the Interior Ministry at 49% of saleable space. Allowing a higher limit would help developers already up against their foreign ownership quota sell more units.

If the limits are increased, units can be sold to foreigners if Thai buyers cannot be found.

Mr Ronakit made the comments at a seminar on the Chon Buri and Rayong housing markets in 2012, adding that Pattaya’s mayor would discuss the condominium ownership issue with the ministry at the next meeting.

The Pattaya property market has been booming since last year. A large number of Russian tourists have been visiting Pattaya arriving via chartered flights landing at U-Tapao Airport.

Pattaya benefited from the floods last year as Bangkok residents relocated temporarily to the city.

However, an influx of people …

Full story from Bangkok Post at http://goo.gl/uRSVg