Asia Property Report – Excerpt from an article
on December 20, 2006 - Thai property immune from Baht regulations
The Thai property industry is breathing a collective sigh of
relief
following an announcement by the Bank of Thailand that property
– including
land and condominiums – is exempt from the new reserve requirement
on
short-term capital inflows.
The announcement was posted on their website Wednesday, clearing
up some of
the confusion surrounding the Bank’s measures.
This means foreign purchasers of condominiums can bring funds
into Thailand
to purchase condominium property. According to a major local bank,
foreign
condominium purchasers should clearly state the project name and
unit number
when remitting funds.
Ms. Aliwassa Pathnadabutr, managing Director of CB Richard Ellis
Thailand
said, “We welcome this clarification which means that foreign
property
purchasers are not affected by the new regulations. We believe
that this
will reassure existing and potential property purchasers.”
|
