Little coverage has emerged about what could possibly be a major new law that has the potential to impacy many millions of property owners and tenants in Thailand.
Last week, the Bangkok Post was first to report cabinet approval for the new law. We published our views, and it instantly became one of the most-read stories on our website.
Since then, there has been little coverage by any mainstream media and, interestingly, property portals and agencies.
The Public Relations Department of the Royal Thai Government included a brief mention of this news in a round-up of daily events, adding some credibility to its accuracy.
Real estate firm Knight Frank published the Bangkok Post story it its entirety, including the incorrect suggestion that foreigners cannot own real estate in Thailand.
Most significantly, two Thailand real estate agencies I spoke to are working with law firms to understand the full implications of this new announcement before advising their clients and customers of its likely impact.
One comment left alongside the Bangkok Post article said: “The successful accomplishment of the Leasehold Act is pretty doubtful, but the liberal disclosure of the current lease weakness in Thailand shows an inconvenient truth.”
We tend to disagree. Yes, Thailand is weak when it comes to property leases however, with Cabinet approval we think there is a strong chance the majority of these clauses will see it into Law.
Only time will tell.