Bid to give Thailand investors more rights

Overseas property investors in Thailand should enjoy more rights, it has been argued.

In an interview with ScandAsia, managing director of Colliers International Thailand Patima Jeerapaet said he is helping to lobby the country's government to increase the length of leases overseas investors can take out.

"Right now, foreigners can only lease 30 years and we have proposed to extend it since we think it is too short a period," he stated, adding that other Asian countries allow 70-90 years.

Mr Jeerapaet is pursuing this cause in his role as chairman for the joint foreign chamber of commerce of the property committee.

Such a move could encourage those looking to buy overseas homes and thinking of choosing Thailand.

The country's property market is set to see a full recovery in 2010, according to Industrial Buildings Corporation.

It is expecting the improved sentiment of recent months to manifest itself in tangible terms next year, Property Report Asia notes.