Need to amend laws so foreigners can lease land in Thailand, and more updates

For PropertyGuru’s real estate news roundup, allowing foreigners to lease land in Thailand may require amendments to the state property law. In other headlines, global economic growth is projected to slow marginally to 2.9 percent in 2024 and 2025. Lastly, Australia’s pace of growth in home values shows clear signs of slowing.

Thailand: Legal rejig needed for foreign land leases 

The idea of allowing foreigners to lease land in Thailand for up to 99 years, with the land transferred from private ownership to state property, may require amendments to the state property law, says Finance Permanent Secretary Lavaron Sangsnit.

According to Bangkok Post, Mr Lavaron said that to implement such a scheme, a detailed study is needed, possibly requiring amendments to related laws. Public input would also be required, in accordance with the constitution, for new legislation.

Former premier Thaksin Shinawatra recently proposed allowing foreigners to hold long-term land leases for up to 99 years.

Global economic growth decelerates to 2.9 percent in 2024-2025

Global economic growth is projected to slow marginally to 2.9 percent in 2024 and 2025, down from 3.1 percent in 2023, according to a report released on 19th September by the Institute of International Finance (IIF).

“Geopolitical tensions remain elevated, shaped by ongoing conflicts in the Middle East, the protracted war between Russia and Ukraine, and a noticeable cooling in relations between Western democracies and China,” said the report as cited in PNA. “These developments are occurring simultaneously, adding layers of complexity and uncertainty to the global landscape,” it added. “In such a volatile environment, political events gain heightened importance.”

The IIF said the US general election in November stands out as the most significant political event of this year on a global scale, as its outcome could have “far-reaching” implications for both domestic and international policy, influencing many areas from trade relations to military engagements.

Growth cools in Australian housing values through winter as Melbourne median slips below Perth and Adelaide – CoreLogic

National home values in Australia increased 0.5 percent in August, representing the 19th consecutive month of increase in home values and slightly above the downwardly revised 0.3 percent increase seen through July.

However, according to The Real Estate Conversation report, the pace of growth is showing clear signs of slowing, with the quarterly increase in national home values (1.3 percent) now less than half the growth rate in the same three-month period of 2023 (2.7 percent).

At a high level, there is still more demand for housing than available supply, but the flow of advertised supply and demand is becoming increasingly balanced.

Supply levels vary markedly from region to region, with total listings in Melbourne about -25 percent higher than the previous five-year average, while total listings in Perth and Adelaide are down on the five-year average by more than -40 percent.

The Property Report editors wrote this article. For more information, email: [email protected].