Southeast Asia and Australia Property Rules — 2026-09-12

Thailand has intensified its crackdown on foreign "nominee" property holdings, with new data revealing over 1 million rai of land and significant condo units held via shell companies. In Vietnam, HoREA has submitted urgent proposals to the draft Housing Law to prevent price spikes and remove profit caps, while the Ministry of Construction removes the controversial "time-limited apartment" concept. Singapore sees continued divergence between HDB resale dips and private condo resilience, with new rules on wait-out periods shaping upgrader behavior.

Thailand Launches Massive Nominee Property Crackdown

Top developments

Thailand’s "Nominee" Crackdown Targets 1 Million Rai of Foreign-Held Land

The Thai Department of Business Development (DBD) reported on September 4, 2026, that foreign entities now control over 1 million rai of land and 4.1 million square meters of condominium space in Thailand. The Ministry of Commerce, in coordination with the Ministry of Interior, is actively scanning 125,000 legal entities suspected of using "nominee" structures to bypass ownership laws. This enforcement drive aims to close loopholes where foreigners use Thai nationals or shell companies to hold land, a practice strictly prohibited for non-Thai citizens outside of specific condo quotas.

Chonburi Condo Market Shaken by Nominee Enforcement

The crackdown has already impacted regional markets, particularly Chonburi (home to Pattaya). The Chonburi Condominium Association reported that the aggressive scrutiny of nominee structures has caused a "mood shock," leading to an estimated 100-unit drop in sales across five key areas. Developers are facing heightened uncertainty as authorities investigate 5,277 entities suspected of holding more than the 49% foreign quota limit in condominiums. This signals a stricter enforcement era for foreign buyers relying on informal ownership arrangements.

Vietnam: HoREA Pushes for Market-Led Pricing in Draft Housing Law

HoREA (Ho Chi Minh City Real Estate Association) submitted comprehensive feedback on the draft Housing Law (amended) on September 12, 2026. Key proposals include removing the cap on developer profits to allow market-determined pricing and eliminating the concept of "time-limited apartments" to clarify ownership rights. HoREA argues that controlling profits stifles supply, while the removal of the time-limit concept addresses long-standing public confusion about apartment ownership duration. These changes aim to stabilize prices by encouraging supply rather than imposing artificial controls.

Singapore: HDB Resale Dip vs. Private Resilience

While URA data from July showed private residential prices rose 0.5% in Q2 2026, recent analysis highlights a widening gap. HDB resale prices fell 0.3% in Q2 2026, marking the second consecutive quarterly decline. This divergence creates a challenging environment for upgraders; selling an HDB flat is becoming slightly easier due to softening prices, but buying a private condo remains expensive. The removal of the 15-month wait-out period for private homeowners buying resale HDBs (effective July 2026) is now fully reflected in market behavior, with 201 million-dollar HDB flats sold in August alone.

Local view

In Thailand, Prachachat and The Standard are reporting heavily on the economic impact of the nominee crackdown, noting that while it protects national sovereignty over land, it risks chilling legitimate foreign investment if not implemented with clear legal guidelines. The Thai government is positioning this as a necessary step to correct market distortions caused by illegal ownership structures.

In Vietnam, CafeF and VnExpress highlight the tension between state control and market mechanisms. HoREA’s proposal to let developers set their own prices is seen as a bold move to attract investment, while the removal of the "time-limited" label is celebrated as a victory for consumer rights clarity. Local experts argue these changes are crucial to unlocking stalled projects and normalizing the supply-demand balance in Hanoi and HCMC.

Context & numbers

• Thailand Foreign Holdings: Over 1 million rai of land and 4.1 million sqm of condos held by foreign legal entities as of early Sept 2026. 125,000 entities are under scan for nominee violations.
• Singapore Price Divergence: Private residential price index +0.5% QoQ in Q2 2026; HDB resale index -0.3% QoQ in Q2 2026.
• Vietnam Supply Trends: HoREA reports increased supply pressure in HCMC, aiming to stabilize prices through regulatory reform rather than direct intervention.
• Australia Context: While no major rule changes occurred in the last week, the foreign buyer ban on established homes remains active until June 2029. Sydney and Melbourne values continue to face downward pressure, down 1.2% and 1.0% respectively in the most recent monthly data (July/August reports), influencing broader APAC investor sentiment.

On the radar

• Vietnam Housing Law Vote: Watch for the National Assembly’s upcoming deliberations on the draft Housing Law, specifically regarding the profit cap removal and the definition of apartment ownership duration.
• Thai Enforcement Updates: The DBD is expected to release further lists of entities found in violation of the Foreign Business Act. Developers in Chonburi and Phuket are bracing for potential fines or forced divestments.
• Singapore Q3 Data: The next flash estimate for private residential prices (Q3 2026) will be released in early October, providing clearer signals on whether the private market slowdown is accelerating.