Are foreigners allowed to own property in Chiang Mai?

"Foreigners are allowed to own property in Chiang Mai, but there are certain restrictions and conditions they must follow. Foreigners cannot directly own land in Thailand; however, they can own a condominium unit, as long as at least 51% of the building is owned by Thai nationals. If a foreigner wishes to own a house, they can do so by leasing the land for a maximum of 30 years, with the possibility of renewing the lease for another 30 years. Alternatively, a foreigner can set up a Thai limited company, with the majority of shares held by Thai nationals, and purchase the land through the company. It is essential to consult with a local lawyer to ensure compliance with Thai property laws and regulations," remarked another expat in Chiang Mai, Thailand.