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Thailand to court foreign buyers amid condominium supply glut

BANGKOK -- The Thai government is considering easing land leasing regulations to allow foreigners to buy more apartments and condominiums for individual and rent land plots in the longer term, which would help absorb a supply glut at a time when domestic purchasing power is weak.

Prime Minister Srettha Thavisin, during a visit on Sunday to look at the state of tourism in the eastern beach town of Pattaya, said that he had tasked the interior minister with amending some land leasing regulations to allow foreigners to buy up to 75% of a condominium project, up from the current 49%, to help boost the Thai economy at a time when there is an oversupply of apartment complexes.