Starting in January and lasting until the end of 2022, foreigners will be able to obtain a Thai Elite visa by purchasing move-in ready (not under construction) units in designated property developments for THB 10 million or more. The new membership level, named “Flex One”, which was reportedly approved in November, aims to quickly inject capital into the country’s property development sector, which has been struggling with lower-than-budgeted sales in 2020 due to the pandemic.
Reacting to the news, the head of Asia’s largest online real estate sales platform appeared bullish on the program’s prospects.
“For the applicant, it’s appealing because your money is going into an asset that can earn returns and you can sell again later,” said Georg Chmiel, Executive Chairman of Juwai IQI. “You can also live in the property. The other Thai Elite visas all require payments to the government that you never get back.”
Chmiel said the move amounted to throwing “a lifeline to developers who are drowning in unsold units due to the pandemic” and indicated that, in the medium-term, he remained bullish on the Thai property market.
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Source: IMI Daily
