Thailand’s real estate sector has called on the government to accelerate investment in large-scale infrastructure projects and introduce a windfall tax on land near such developments, as part of efforts to boost economic recovery and increase state revenue. The proposal was made public on Monday, with industry representatives suggesting a shift in fiscal policy priorities.
Sunthorn Staporn, President of the Housing Business Association, urged policymakers to revise current economic stimulus measures to better reflect ongoing challenges. He emphasized that the focus should move away from short-term cash handouts—which he described as having limited economic impact—and toward structural reforms that would have broader and longer-term benefits.
Among the suggestions put forward was the reallocation of funds toward initiatives such as co-payment schemes and support for small and medium-sized enterprises (SMEs) facing pressure from low-cost imports. Sunthorn also advocated for the continuation and acceleration of infrastructure investments, citing projects such as the double-track railway and the high-speed train connecting Bangkok to Nakhon Ratchasima. These, he argued, could stimulate economic activity in regional provinces beyond the capital.
A central element of the proposal includes the imposition of a windfall tax on land that has appreciated in value due to proximity to state-funded infrastructure such as electric trains, highways, airports, and railway lines. According to Sunthorn, this tax could serve as a supplementary source of income for the government, complementing existing forms of taxation such as value-added tax.
The real estate sector also encouraged the administration to move forward with the enactment of the Property Rights Act and to consider extending land lease periods from 30 to 60 years. This, they argue, would help address issues related to nominee ownership structures in the property market.
Officials from the Housing Business Association and other industry representatives were present at the announcement, which was aimed at highlighting policy directions for economic and real estate sector reforms.
