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Chiang Mai Property Investment – Execution Sales to Lure Foreign Investors

By on Jan 28, 2014 in Property News

Execution Sales to Lure Foreign InvestorsCHIANG MAI:The Legal Execution Department is planning to improve access to property data for foreign investors and develop an e-auction system in a bid to capitalise on growing demand stemming from Asean integration.

Director-general Wisit Wisitsora-at said the Asean Economic Community (AEC),which will kick off late next year, has become a hot issue in many border provinces, evidenced by a sharp increase in property asset prices, particularly in northeastern and northern provinces.

The Chiang Rai Legal Execution Office sold property assets worth 1.1 billion baht in fiscal 2013 ending September, 39%higher than the target.

It has also seen 10-20% sales growth annually since 2011 due to the devastating floods in Bangkok that drove up property demand in Chiang Mai.

“Assets for investment attract both Thai andforeign investors who see strong potential from property investment in Thailand,”Mr Wisit said, adding that many foreign investors buy assets through joint ventures with local partners.

The department will introduce an English-language version of its website,www.led.go.th, this year in order to facilitate foreign customers.

Official execution papers will also be in English to bolster foreign investors’confidence when dealing with courtrelated issues.

The most attractive locations for prospective foreign investors are Phuket and Koh Samui, while hotels are the most attractive assets to them, said Mr Wisit.

Jumphol Sukhmon, director of the Chiang Rai Legal Execution Office, said property investment in the province has been booming since 2007, when new highways linking neighbouring countries and a fourth bridge across the Mekong were planned.

Last year, three border districts of Chiang Rai were also designated a special economic zone, with Mae Sai as a trade and business city.

Chiang Saen has been designated a Mekong port and a culture city, while Chiang Khong is a logistics and supplychain city.

Mr Wisit said his department will introduce an e-auction system to support the AEC.

It will also expand e-broadcasts to cover 10 additional provinces from 50 now.

For the full article, please visit http://bit.ly/1fsreFE

Source | Bangkok Post 27 January 2014

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