THAILAND Law and Practice Contributed by: Olaf Duensing, Jerrold Kippen and Weeraya Kippen, Duensing Kippen, Ltd.
Duensing Kippen, Ltd. Suite 1605 Chartered Square Building 152 North Sathorn Road Silom Bangrak 10500 Thailand Tel: +66 0 22 675 424 Email: contact@duensingkippen.com Web: www.duensingkippen.com
1. General 1.1 Main Sources of Law
owned on a freehold basis and regulates the relationships between the owners. Land Allocation Act The Land Allocation Act does the same with respect to land, or land with a house on it. Land Use Laws Thailand’s three main land use laws are: • the Enhancement and Conservation of National Environmental Quality Act, which restricts land use in certain ways in various areas; • the Town and City Planning Act, which con - trols what may be built and where; and • the Building Control Act, which permits and dictates the requirements for structures. 1.2 Main Market Trends and Deals The residential condominium market is grappling with an imbalance characterised by excessive supply and sluggish demand, exacerbated by the prevailing low economic growth and high interest rates. Meanwhile, the residential land inventory is anticipated to expand at a rate of 7% annually. Nevertheless, Thailand’s real estate
Thailand is a civil law country. Therefore, although Thai Supreme Court opinions have a strong persuasive value, the source of all law in all areas, including real estate, is statutory. Civil and Commercial Code The Civil and Commercial Code (CCC) is perhaps the single most important law applicable to real estate in Thailand. Besides governing contracts, the CCC also creates ownership of immovable property and dictates how it may be transferred. It also creates and controls the various rights that may be registered over immovable property, such as mortgage, lease, superficies, usufruct, charge and servitude. Land Act The Land Act creates and controls the various titles of use and ownership of land. Condominium Act The Condominium Act creates a licensed devel - opment in which condominium units may be
935 CHAMBERS.COM
Powered by FlippingBook