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Property fees slashed for 14 months

Property fees slashed for 14 months

BANGKOK: Transfer and mortgage fees for residential properties under B3 million each have been drastically cut for two months as part of stimulus measures for the property sector.

propertylandeconomics
By Bangkok Post

Saturday 2 November 2019, 02:01PM


Prospective homebuyers are expected to make decisions over the new two months to take advantage of the reduced fees. Photo: Somchai Poomlard / Bangkok Post

Prospective homebuyers are expected to make decisions over the new two months to take advantage of the reduced fees. Photo: Somchai Poomlard / Bangkok Post

Effective from Saturday to Dec 24 next year, both the transfer registration and mortgage registration fees were cut to 0.01% of property prices from 2% and 1%, respectively, according to an Interior Ministry announcement published in the Royal Gazette on Saturday (Nov 2).

The new rates apply only to land and residential buildings, as well as condominium units, priced under B3mn each and for same transactions.

Charnkrij Dejvitak, a vice minister to the Prime Minister’s Office, said a buyer applying for a B3mn loan at the Bank for Agriculture and Agricultural Cooperatives will now pay the fees totalling B600 from B90,000 earlier.

“We hope pent-up demand will begin to ease now. A meeting will also be held on Wednesday with the three property associations to conclude details on joint promotional campaigns with government agencies to tap year-end demand,” he said.

MYLANDS

 

Read original story here.


*Note: The  rates-slash stimulus measure is in effect until Dec 24, 2020, not Dec 24, 2019, as originally reported. The correct deadline was later updated by the Bangkok Post (See story here.)

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Kurt | 05 November 2019 - 10:07:57

With all more and more  regimental restrictive Immigration setting, saying: 'we only want short time tourists' , the alarming Phuket water shortage, the cynical not matching non reciprocity international thinking when it comes to owning property Phuket leads herself to downfall. The property industry is remarkable silent instead of coming up for her interest and be more confronting. 

CaptainJack69 | 04 November 2019 - 13:00:32

PN: Please clarify. I just read the 'original story' and it clearly says that this rate only applies to people buying directly from property developers. Meaning that private sales are still due the full amount. You have removed that bit. So which is it?

[NOTE: We have not removed anything from the original story. Please email the link to the "original story" you are referring ...

CaptainJack69 | 04 November 2019 - 12:50:55

If the housing market is so depressed that it needs emergency stimulus then how is it that the big companies are still allowed to build more houses and more condos and thus water the market down even further? No one can sell property because of these behemoths flooding the market but still they get permission to build more. AND they pay the banks to offer preferential mortgage rates! Legal how?

CaptainJack69 | 04 November 2019 - 12:43:40

Yeah, but what about the tax? That can be as much as 4 times the transfer fee. I guess that's not being touched?

Foot | 03 November 2019 - 04:18:14

Not a surprise that something is being tried to stop the decline.
Actions will be tried across all operations that bring money in from outside of Thailand.  Investment, tourism, etc.
Some are only for show.  Retired ex-pats are being discouraged by the baht value, but, even more so by the restrictive, restrictive, and confusing policies.

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