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Thailand Cuts Property Transfer, Mortgage Fees to 0.01%

New buildings rising in Bangkok's Khlong Toei District. (Photo: Bangkok Herald)
New buildings rising in Bangkok's Khlong Toei District. (Photo: Bangkok Herald)

Thailand has cut fees for ownership transfers and mortgage of properties to 0.01%.

Government spokeswoman Traisuree Taisaranakul said the Royal Gazette on Jan. 17 published announcements by the Interior Ministry to reduce the property transfer fees from 2% and the mortgage fee from 1% to 0.01% for both.

The reduction was aimed at stimulating the economy, maintaining economic activities in the property sector and related business and supporting the liquidity of debtors and business operators, she said.

The fee reduction applies to the people who trade properties worth not over 3 million baht and those who get a mortgage of not over 3 million baht in a single transaction from Jan. 18 until Dec. 31 this year.

The Finance Ministry believed the measure would lead to trade in properties worth 291 billion baht and a 0.58% increase in the gross domestic product, Ms Traisuree said.

Besides, the government will also cut the fees for debt restructuring for five years from Jan 18 this year to Dec 31, 2026. (TNA)