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Thailand - January 2008
Survey shows some satisfaction with current leasehold law
Respondents indicate alternative view of property
legislation
by Robert Carry -
Thailand Property Report
A survey into Thailand´s property laws, which
currently allow foreigners 30-year leases with the option
of two renewals, has found that some 45 per cent of
respondents are happy with the status quo.
The poll was carried out by www.reic.or.th, the website of
Thailand´s National Real Estate Information Center (NREIC).
Over 400 people responded to the online survey which ran
from 1-15 December 2007.
The poll asked if and to what extent respondents would
like to see the current laws on leasehold for foreigners
altered in the future. Thirteen per cent of respondents
said the leaseholds should be extended to between 31 and
40 years, 13 per cent also said it should be increased to
41-50 years and 10 per cent said it should be increased to
51-60 years. Three per cent said they felt foreigners
should be allowed leaseholds of 61-70 years´ duration,
five per cent said 71-80 and 11 per cent opted for 81-90
years. Despite the fact that Malaysia and Vietnam are
attracting swathes of foreign buyers with the option of
longer leasehold arrangements than are currently available
in Thailand, the largest number of respondents, at 45 per
cent, said that the current 30-year lease is suitable.
The state-run NREIC, which operates the www.reic.or.th
website, was set up by the Ministry of Finance (MOF) as
part of the country´s response to the Asian financial
crisis. It has become the "centralized repository of real
estate data and information" which aims to provide
"information and statistical indicators that would prevent
the recurrence of a severe real estate induced economic
crisis in the future."
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