Licensing of Thai Real Estate Agents Expected … Maybe Soon (Finally)
A speech by an official from the Government Housing Bank (GH Bank) seemed to indicate that real estate regulations could soon become law in Thailand.
Currently loosely regulated, the industry has seen more than its fair share of scams and crooks. Someone – local or foreigner – can wake up one day, decide to become a property agent, start collecting sales/rental deposits from unsuspecting buyers and tenants, and suddenly disappear overnight and leave victims stuck in a limbo.
Talks about compulsory real estate licensing have been ongoing for years with little progress as government support is seen as lukewarm at best. With more estate agents and even banks now shifting their stance in support of stricter regulation, it seems that mandatory licensing may be closer than everybody expects.
It is understood that Singapore is being looked at as an model to follow. The industry is regulated under the Estate Agents Act (Singapore) which requires all agents to pass mandatory exams and get licensed.