On Tuesday, the cabinet approved a reduction in ownership transfer and mortgage registration fees to boost Thailand’s struggling property sector, according to a deputy finance minister.
The new fee will be set at 0.01% for houses valued up to 7 million baht (approximately US$201,729) and will remain in effect until June 2026, as announced in the Royal Gazette, stated Paopoom Rojanasakul.
Last week, Mr. Paopoom indicated that this fee reduction, combined with the Bank of Thailand’s adjustments to loan-to-value (LTV) ratios, is expected to increase residential unit transfers by 9.7% year-on-year.
Following the 7.7-magnitude earthquake in Myanmar on March 28, which also affected Thailand, the deputy minister noted that the disaster has resulted in delays in residential property transfers. The government may also introduce additional incentives to stimulate the sector.
Despite the struggles in the real estate and automotive industries, which are hindering Thailand’s economic growth, other sectors have already shown signs of recovery, he added.
