Only an hour and a half away from Bangkok, the Khao Yai property market is complete with fashionable luxury designs and bespoke architecture, in addition to the spectacular scenery, a making it a desirable area to buy property for Bangkok residents. “More than 500 residential units per year were launched between 2007 and 2012, and about 100 units were launched in the first three months of this year,” Sunchai Nuengsit, Buildersmart managing director said. “So the total supply in March 2013 was greater than 4,300 units
Thailand Property Outlook
Another important protection afforded to condominium buyers is the requirement to observe a standardized form for all purchase contracts as prescribed by the Ministry of the Interior. Additionally, any deviation from the format provided by the Ministry that is not advantageous to the buyer shall be considered as unenforceable. This requirement aims to standardize and make uniform purchase contracts in order to avoid situations where essential stipulations have been left out of the agreement either accidentally or on purpose. In line with this, the law also requires a detailed account of the specific use for each area in the condominium building, specifically, the spaces, nature of the utilizations and other interests as may be prescribed by the Minister. Any potential buyer would therefore be within his or her rights to demand that any omitted stipulation covering these details be integrated into the contract.