Integrity Legal

It recently came to this blogger’s attention that the Association of Southeast Asian Nations (ASEAN) has celebrated its 44th birthday. In order to provide further information on this story it is necessary to quote directly from the official website of Channel News Asia, ChannelNewsAsia.com:

SINGAPORE: Singapore will mark the 44th anniversary of the Association of South East Asian Nations (ASEAN) with a flag-raising ceremony at the Indonesian Embassy on 8 August. Indonesia is the current Chairman of ASEAN. Singapore’s Ministry of Foreign Affairs (MFA) said this year’s celebrations are particularly significant. It said this will be the first time that the ASEAN flag will be flown at all ASEAN member states’ diplomatic and consular missions in ASEAN countries and ASEAN’s dialogue partners and ASEAN Member States’ Missions where UN headquarters and offices are located…

Readers are asked to click upon the relevant hyperlinks noted above to learn further details from this insightful article.

Frequent readers of this web log may recall that there have been significant discussions within ASEAN regarding issues such as a unified ASEAN visa, the exchange of University credits in an intra-ASEAN context, and a framework for dealing with issues pertaining to the South China Sea. As of yet, there has not been a full resolution regarding these issues, but the dialogue continues with many hopeful that ASEAN will be able to provide a strong platform for regional and global trade as well as business.

In news which is likely of more pertinence to those in Southeast Asia, it recently came to this blogger’s attention that there is further optimism regarding the Thai real estate markets. To quote directly from the official website of The Nation, NationMultimedia.com:

The property market will benefit from political stability and the government’s policy of boosting demand in the first-home market in the second half of this year, according to property experts. A survey of leading property firms by The Nation, seeking outlooks for the property market in the second half of 2011, found most believing that following the election, home-buyers will return to the market because of renewed confidence in political stability…

The administration of this blog asks readers to click upon the hyperlinks noted above to learn more from this article.

Many foreign nationals in Thailand contemplate a Thailand property purchase either in the form of a Condo in Thailand or a house. In the case of a house in Thailand, it may be possible to enjoy the benefits of a Thai home notwithstanding restrictions placed upon foreign ownership of Thai land. In fact, through use of instruments such as Thai leases or Thai usufructs it may be possible to secure virtually total control over a home in Thailand. Some opt to secure their interest in a Thai house by bifurcating the title to the house from the title to the property (sometimes referred to as a Chanote). In any case, there may be ways in which a foreign national can enjoy the benefits of real estate in Thailand.

For information pertaining to legal services in Southeast Asia please see: Legal.

Tags: 44th anniversary of the Association of South East Asian Nations, ASEAN, ASEAN Member States' Missions, ASEAN Visa, ASsociation of Southeast ASian Nations, bifurcating the title to a house, Chanote, China, Condo in Thailand, consular mission, diplomatic mission, House in Thailand, Indonesian Embassy, property market, Singapore, Singapore's Ministry of Foreign Affairs, South China Sea, Thai Lease, Thai Leases, Thai usufruct, Thai usufructs, Thailand, Thailand Lease, Thailand Leases, Thailand Legal Service, Thailand Property, Thailand Property Conveyancing, Thailand Property Title, Thailand Real Estate Conveyancing, Thailand Real Estate Title, Thailand usufruct, Thailand usufructs, UN headquarters
Posted in ASEAN Business, ASEAN Visa, Thailand Property, Thailand Real Estate | No Comments »

This author recently came across a discussion of the forecast of the Thailand property market in 2010. For those who are not up to speed on the Thai property market, the year 2009 was not a particularly buoyant year for those in the Thailand real estate sector. This may be due to the fact that the overall economy around the world was not particularly vibrant. That being said, there are optimists who believe that 2010 will be a better year for Thai property.

There has been some talk in and around government circles about reforming Thailand property law. Some believe that a reform of Thailand real estate law would provide more economic efficiency and make foreign buyers (particularly commercial buyers) more amenable to purchasing land in Thailand or other forms of property in the form of Thai condos or houses.

To quote the website ThailandPropertyNews.com:

“The initiative of this government to reform property and land taxation with a view to creating fairness sounds positive, but it will only be possible to determine the effect on the property market once the details of the proposed legislation have been finalised. “So long as the new tax legislation is on a fair basis and the tax rate not so excessively high as to discourage investment, CBRE sees this reform as beneficial for the market,“ Ms. Aliwassa Pathnadabutr, Managing Director of CBRE Thailand said. An additional measure that CBRE urges the government to consider is the extension of the long lease term from the current 30 years up to a maximum of 90 years. This will help improve the market mechanism and make large-scale commercial projects viable which would not be feasible if such developments were freehold due to the high land cost or if they were on a 30-year lease due to the limits on lease terms. The extension of the lease term will also have a direct benefit for resort destinations such as Phuket and Samui where the property markets are primarily driven by foreign demand.”

It is interesting to note that some feel that an easing of the legal restrictions placed upon Thai leases would be a net benefit to the Thai real estate market. Currently, the Thai Civil and Commercial Code places restrictions upon the length of time that a Thai lease will remain enforceable in Thailand. There are exceptions, but currently, the enforceability period is 30 years or less. Providing foreign buyers with the option of obtaining a 90 or 100 year lease might cause an increase in demand for Thai property. It will be interesting to see how the government deals with these issues and what impact any legislative changes will have upon the Thai real estate market.

Tags: Lease in Thailand, Thai Condo, Thai Condos, Thai Lease, Thai Leases, Thai Property, Thai Property Law, Thai Real Estate, Thai Real Estate Law, Thailand Lease, Thailand Leases, Thailand Property, Thailand Property Law, Thailand Real Estate, Thailand Real Estate Law
Posted in Thailand Property, Thailand Real Estate, Upcoming Legislation | No Comments »