According to media reports, the government’s economic teams, real estate groups and major developers are proposing a reduction of property transfer registration fees from 2% to 0.01%. Furthermore, mortgage fees are proposed to be decreased from 1% to 0.01% with the goal of supporting the real estate sector in Thailand.
Apisak Tantivorawong, Finance Minister, purportedly said he is confident that the conclusion of measures to spur the property sector would come soon, and it would revive the real estate business. Industry consultants and experts have been urging incentives that would help home-buyers with more affordable rates, to lower their financial burden while giving them enough time to prepare for an ownership transfer. It is important to note that the measures have not been approved as yet, but if they are this certainly would be good news for buyers and property investors in Thailand.
We will keep you informed about new developments in the matter in this news blog.