Property investors in Thailand are set to benefit from the introduction of new guidance which aims to make the market more transparent.

The new guidance was issued by the International Valuation Standards Council and has been welcomed by property developers within the region.

Simon Landy, executive chairman of Colliers International Thailand, believes that it is a step in the right direction and will bring clarity to house valuation.

He explained: "This new guideline will provide an internationally-recognised benchmark which will assist in bringing transparency and clarity to valuations of incomplete property assets.

"With the anticipated level of merger and acquisition activity in international markets over the next few years, more certainty is required in the way these values are established."

Last year, Patima Jeerapaet, of Colliers Thailand, said during an interview with ScandAsia that he was lobbying the country's government to increase the length of leases overseas investors can take out.

If successful it could act to encourage individuals looking to buy overseas homes in the country.