Thailand's upcoming visa reforms: how changes will affect the real estate market

Thailand is preparing for significant visa reforms that could change the rules of the game for investors in foreign real estate. In this article, we will look at how innovations will impact the real estate market in Thailand, especially in popular regions such as Phuket, and what opportunities will open up for those looking for high-income investments.

New visa rules

The visa reform project was approved at a cabinet meeting on May 28. The minutes of the meeting have not yet been published, but Khao Sod has already learned the details.

Near-term

• 60-day visa waiver for tourists from 93 countries (adopted 07/15/2024).
  Previously, the visa-free regime was available to 57 countries, but now it applies to 93 countries, which will significantly increase the flow of tourists. According to a government decree published in The Royal Gazette (https://www.royalgazette.com/),), if a foreigner wishes to extend his temporary stay in the kingdom for a longer period, an application must be submitted to the immigration authorities before the expiration of the 60-day period of validity of the visa-free stay permit for its extension. This (additional) period cannot exceed 30 days, the document says. That is. In total, it will be possible to stay in the Kingdom for up to 90 days without leaving. The proposal from the Ministry of Internal Affairs noted that the new rules also apply (in addition to Russian citizens) to citizens of China, India, Indonesia, Kazakhstan, the UAE, South Africa, the USA, Uzbekistan and other countries.
• Visa on arrival for 31 countries.
  Increase in the number of countries whose citizens can obtain a visa upon arrival from 19 to 31.
• Digital Nomad Visa – Destination Thailand Visa (DTV).
  Introduction of a visa for remote work from Thailand, which will become attractive to digital nomads and freelancers.
• Preferential visa year for foreign graduates of Thai universities.
  Graduates will have the opportunity to stay in the country to find work and employment.

Medium term (September-December 2024)

• Non-Immigrant Review of Long-Term Visa Structure.
  Reducing the number of categories of long-term visas from 17 to 7, which will make it easier to obtain and renew them.
• Easing the conditions for granting pension visas.
  Including a review of health insurance requirements, which will make Thailand more attractive to retirees.
• Extension of eVisa service (e-Visa).
  Increasing the number of countries for which e-Visa is available from 47 to 94.

Long term (by June 2025)

• Launch of Electronic Traveller Identification (ETA).
  For citizens from countries with a visa-free regime, which will simplify and speed up the entry process.

Impact on the real estate market in Thailand

These reforms will lead to increased interest in real estate in Thailand, especially among foreign buyers. Simplified access to visas will help increase the number of real estate transactions in popular regions. It is expected that the influx of foreign investment will stimulate infrastructure development and rising property values.

Real Estate Phuket: Prospects and Trends

Phuket remains one of the most popular regions for foreign investors. The introduction of new visa rules is expected to lead to increased demand for real estate in this region.

Main trends:

• Growing interest in luxury properties and villas: Phuket is famous for its luxury properties that attract high-net-worth investors.
• Increased number of commercial real estate transactions: The development of tourism infrastructure and business stimulates demand for commercial real estate.
• Increase in cost per square meter: As demand for real estate increases, prices are expected to increase, making investment in Phuket real estate more attractive.

Real estate agents will be key figures in the new visa context. Their role will include

• Consultation on new visa rules: Helping investors understand and comply with new visa requirements.
• Deal and legal assistance: Customer support at all stages of property purchase.
• Assessing investment prospects and selecting properties: Providing expert advice on choosing the most profitable properties.

High Income Investment: New Opportunities

The new visa rules create favorable conditions for high-income investments. Consider key aspects:

• Revenue project investment opportunities: Investors will be able to take advantage of new visa conditions to invest in revenue projects such as renting out real estate.
• Projected returns in various market segments: Analysis of yield prospects in the residential and commercial real estate segments.
• Risks and measures to minimize them: Assessment of possible risks and strategies to minimize them to ensure the security of investments.

The upcoming visa reforms in Thailand are opening new horizons for investors in foreign real estate. The real estate market in Phuket and other regions of the country is preparing for increased demand and new investment opportunities. Real estate agents have an important role to play in adapting clients to new conditions and helping them implement profitable investment projects.
These changes, starting with 60-day visa-free entry for tourists from 93 countries and ending with the launch of the Electronic Travel Identification (ETA) system, are designed to make Thailand even more attractive to international investors and tourists. The introduction of a DTV visa and a preferential visa year for graduates of Thai universities only emphasizes Thailand's desire to create a favorable investment climate and long-term economic growth