Thailand approves property fee cuts to support ailing property sector
The cabinet on Tuesday approved a cut in ownership transfer and mortgage registration fees to support Thailand’s ailing property sector, a deputy finance minister said.
The cut on such fees to 0.01% for houses valued at up to 7 million baht (US$201,729) will be effective until June 2026 after being announced in the Royal Gazette, Paopoom Rojanasakul said in a statement.
Last week, Mr Paopoom said that this fee reduction measure, when paired with the Bank of Thailand’s easing of loan-to-value (LTV) ratios, should increase residential unit transfers this year by 9.7% year-on-year.
Following the 7.7-magnitude earthquake in Myanmar on March 28, which also shook Thailand, the deputy minister stated that the disaster has led to delays in residential property transfers, and the government may offer additional incentives to stimulate the sector.
The real estate and automotive industries remain in a slump, dragging down Thailand’s economic expansion, while other industries have already recovered, he said.
Source: https://www.bangkokpost.com/property/2998331/thailands-cabinet-approves-property-fee-cuts-to-support-struggling-sector-official-says