Property developers and consultants want the new government to implement measures to foster a positive environment for foreign investment and to encourage overseas buyers.
Artitaya Kasemlawan, head of residential sales projects at consultancy CBRE Thailand, said the country should have policies to stimulate foreign purchases in the property market, including promotion of these policies to raise awareness.
"Thailand is a highly desirable destination for foreign buyers," she said.
"If there is confidence in both the global economy and foreign buyers' economies, combined with the presence of attractive measures, potential purchasers will rush to buy Thai properties."
Ms Artitaya said there are numerous newly launched luxury condos on leasehold plots in Bangkok's central business district, which now offer leasehold periods of 58-59 years.
The period was changed as the existing 30-year leaseholds were no longer attractive, she said.
For low-rise houses, which most foreign buyers bought for their own use, extending the leasehold period to 60 years would attract more foreign demand, said Ms Artitaya.
"Foreigners can buy a low-rise house if they have a business or a company in Thailand. Not all of them have a business," she said.
"Extending the leasehold period to 60 years is good, but 90 years will greatly simplify the decision-making process for buyers."
According to the Real Estate Information Center, the number of condo units transferred to foreigners in the first quarter of 2023 jumped 79% year-on-year to 3,775 units worth 17.1 billion baht.
The first quarter was the first time the number of condo transfers to foreign buyers in Chon Buri surpassed Bangkok, claiming the top spot.
Buyers from Myanmar bought units with the highest average price of 6.5 million baht per unit, while Indians bought units with the largest average size at 77.7 square metres.
Proudputh Liptapanlop, executive director of developer Proud Real Estate Plc, said Russian buyers were highly active during the first quarter of 2023 as the company's luxury condo project in Phuket sold multiple units to this nationality.
"This momentum will continue in the second half of the year, along with the hope that Chinese buyers return," she said. "Tourism growth will be a key driver as the market, especially in Phuket, has shown a positive trend compared with the pandemic period."
Allowing foreign property ownership is a downstream matter, but the new government should focus on promoting foreign investment by providing tax incentives and ensuring safety and liveability, said Ms Proudputh.
Thongchai Busrapan, co-chief executive of Noble Development Plc, said the company posted robust sales of 1.5 billion baht to foreign buyers in the first quarter, the highest tally in the company's history.
"Foreign buyers have made a significant comeback," he said.
"Sales from Chinese buyers accounted for only one-fourth of our total sales, compared with 80% before the pandemic. If Chinese buyers return in the second half of the year, we anticipate setting a new record for foreign sales this year."
