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.
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.)