Are there any specific regulations and/or laws which apply to leases of particular categories of real estate, such as residential, industrial, offices, retail or hotels and what is their impact?
Yes. The Lease of Immovable Property for Commercial and Industrial Activities Act B.E. 2542 applies to leases of commercial and industrial immoveable property. Under this Act, the lease term for a lease of land for commercial and industrial activities can exceed 30 years but must not exceed 50 years, subject to certain requirements.
The key requirements are as follows:
The lease term may exceed 30 years but not exceed 50 years. Upon the expiration of the lease term, the parties may make an agreement to renew the lease, but the new term is not to exceed 50 years from the date that the parties agreed on the renewal.
The land must be located in one of the following areas:
Note that the type of commercial or industrial activities for which a foreigner can apply for registration must be one which a foreigner can undertake under the Foreign Business Act.
The lease of land for commercial and industrial activities with an area more than 100 rai (one rai is 160,000 square meters) must comply with one of the following additional requirements:
