Thailand news in October: Michelin guide, bay openings, tourist incentives and luxury condominium launches

October news:

• The famous Maya Bay on Phi Phi Le Island has reopened to the public from 1 October.
• The Similan and Surin archipelagos will also open to visitors from 15 October. 
• The Tourism Authority of Thailand (TAT) said it is preparing to implement a plan to promote the country as a destination for tourism and sporting events in 2025. The Ministry of Foreign Affairs will soon announce additional visa concessions for target markets, privileges for tourists and trade partners.
• Tolls on Bangkok's internal motorways (Chaloem Maha Nakhon and Si Rath) will be reduced to 50 baht from January 2025.
• Phuket receives global honours: ‘World Festival City 2024’ and Grand Pinnacle award
• This year, foreign tourists visiting Thailand from 1 October to 16 December will be offered amazing prizes, gifts and special privileges at more than 300 establishments in the kingdom as part of the ‘ WOW! Thailand Passport Privileges ‘. 

Michelin Guide has unveiled the brand's new ‘One, Two and Three Keys’ brand insignia for 58 of Thailand's most distinguished hotels.

Like a Michelin-starred restaurant, a Michelin-rated hotel can receive one, two or three keys. One key means a special stay, two keys means an exceptional stay and three keys means an extraordinary stay.

Buyer demand for luxury condominiums from foreigners is increasing every year, due to which more and more projects are planned to be launched in this market segment

In the first 9 months of 2024, more than 85% of the space in super luxury and branded complexes with a price per square metre of more than 350,000 baht has been sold. 

New residences to look out for include Muniq Phrom Phong The Embassy Wireless, Marquis Phayathai and Adler Chan Road. 

Property entrepreneurs have spoken out about the government's proposal to extend long-term land leases to 99 years for foreigners buying flats and increase the quota for buying flats to 75%.

Previous governments have proposed allowing four groups of foreigners - wealthy people, retirees with stable incomes, online workers who want to reside in Thailand, and experts (professionals in a particular labour industry) - to own residential land up to one rai. These measures were later criticised and the government cancelled them. 

Discussions about the new proposals to introduce benefits and privileges for foreigners to buy and rent property are highly controversial among Thailand's businessmen and politicians. However, they all agree that the large influx of foreign capital allows the country to develop and rebuild many sectors of the economy in a uniquely short period of time. Because of this, the expansion of long-term leases and a quota in condominiums is being considered, subject to a number of restrictions to preserve the rights of local residents.