Joint venture projects with international firms are on the rise for Thai real estate market
Thai developers have been enjoying success of joint ventures formed with foreign developers, especially with Japanese firms, where businesses have been conducted for decades.
As reported by Bangkok Post, most of the joint-venture projects being built are condominiums as The Condominium Act allows foreigners to own up to 49 percent of the residential space. The report stated that China and Hong Kong firms are now showing growing interest in collaborating with Thai partners on projects that can be catered to Chinese buyers, who are becoming the largest foreign buyer group in the kingdom.
More: How Internet of Things (IoT) will influence the Thailand real estate market
Total value of joint-venture property projects involving Thai and foreign developers is currently more than THB 500 billion and is expected to grow further. Twenty-five such projects announced in 2019 call for a total investment value of THB 117 billion, an increase of 7 percent from last year.
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