A proposal being drafted by the Interior Ministry would see foreigners in Thailand allowed to own up to 1 rai of land for residential purposes.
However, foreign buyers would be required to invest 40 million baht in Thailand for a period of three years in order to be eligible for land ownership.
The move was announced by Deputy Interior Minister Nipon Boonyamanee on Monday, who said a proposal will be put before Cabinet for approval.
Mr Nipon explained how the ministry is exploring ways to stimulate real estate sales among foreign business people with high spending power.
