Thailand is walking back a policy that would have allowed limited land ownership by wealthy foreigners, a government official said on Tuesday, after a public backlash against the plan.
Earlier this year, the government announced the plan aimed at attracting investment from overseas, limiting foreigners to 1 rai (0.16 hectares) of land if they invest at least 40 million baht ($1.07 million) in securities or bonds for at least three years.
Critics have argued the investment sum was too small and that the policy could drive up property prices, crowding out local ownership.
"The interior ministry has withdrawn the proposal ... to listen to opinion from all parties so that it is comprehensive," government spokesperson Anucha Burapachaisri told a news conference.
Interior Minister Anupong Paochinda called the issue "a delicate matter" and said a study was needed to weigh the advantages and disadvantages.
Thailand has been on a drive to lure foreign investment to boost the economy, including long-term visa schemes and income tax breaks for "high potential" foreigners, wealthy retirees and skilled-professionals.
Southeast Asia's second-largest economy is expected to grow 3.3 per cent this year and has for decades been one of Asia's most popular destinations for western expatriates, businesses and retirees.
OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and US attacks on Iran.
The United Arab Emirates has consolidated its status as a leading force and key player in the digital nomad economy, rising to second place globally as a top destination for digital nomads in 2025.
A walkout by French air traffic controllers to protest against staff shortages and ageing equipment forced airlines to cancel hundreds of flights on Thursday, just as the summer season gets under way.
Abu Dhabi’s economy continues to show strong momentum in 2025, with new data from the Statistics Centre–Abu Dhabi revealing a GDP of AED 291 billion in the first quarter, up 3.4 per cent year-on-year.
Dubai has launched a programme for first-time home buyers, aiming to make homeownership more accessible and affordable by facilitating priority access to new launches, preferential pricing and tailored mortgage solutions.
Hear the highlights from the week gone by on Dubai Eye 103.8. Listen again to the best interviews, advice and the top stories that has gripped our conversation this week.
Enjoy your favourite music back to back commercial free, tune in to the Music Mix everyday from 1 until 2 for the music you love and the news updates you need
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?