Thai property: Food for thought for Phuket expats

– World news selected by Gazette editors for Phuket readers

PHUKET: An item on the BBC website last week caught the attention of Phuket News Hound. Grand in its simplicity and purpose, and unassailable as a means to improve a troubled nation’s economy, a proposal by two United States senators to woo foreign property buyers – yes, woo; not eschew – stands in glaring contrast to the folklore railing against foreign ownership of land in Thailand.

Here’s what caught our eye:

WASHINGTON DC (21 Oct 2011): Two US senators have proposed a plan to offer visas for foreigners buying homes worth $500,000 (16.6 million baht) or more.

Democrat Chuck Schumer and Republican Mike Lee, sponsoring a bill, say it is a move to increase housing demand.

The proposal is similar to an existing Green Card program for foreigners who invest at least $500,000 in an American business that creates at least 10 jobs.

The US Chamber of Commerce has announced its support for the new legislation proposal.

“Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand. This is not a cure-all, but it could be part of the solution,” said Mr Schumer, a Democrat from New York.

Mr Lee, a Republican from Utah, described the bill as a “free market method for increasing demand for housing”.

Full story on the BBC website, here.

— Phuket Gazette Editors