Thai Cabinet endorses property stimulus
Fee cuts, tax breaks to revive economy
The cabinet on Tuesday approved fresh property measures, including new cuts of the transfer fee and raising the limit for home and condo prices eligible for the transfer and mortgage registration fee benefits to 7 million baht, up from the current level of less than 3 million.
According to Deputy Finance Minister Krisada Chinavicharana, the cabinet endorsed a raft of measures to promote home ownership and stimulate the real estate sector and related businesses.
The measures include reducing the transfer fee from 2% to 0.01% of the transaction value and slashing the mortgage registration fee from 1% to 0.01% of the transaction value.
The measures apply to the sale of residential properties such as single houses, duplexes, townhouses, commercial buildings, land with buildings, and condominium units, with a purchase price and assessed property value not exceeding 7 million baht.
The mortgage amount must not exceed 7 million baht per contract.
