New Financial Measures Shall Boost Thai Property Market
Finance Minister Apisak Tantivorawong confirmed new measures, aimed at boosting the Thai property market, will be put in place the soonest. These measures will concern two major points: Transfer & Taxes fees as well as Mortgage rates.
Following the request of three real estate associations willing to encourage property buyers to invest in the Kingdom, transfer & taxes shall be cut down to 0.02% from 2% and mortgage rates down to 0.01% from 1% for properties priced 2M Baht or less.
According to Apisak, mortgage rejections are being the most concerning factor as of now since rates have reached over 35% while they are usually around 25% during a healthy economic climate. He added: “I’ve asked GH Bank to consider lending to those who have been refused by commercial banks, but they must not be too poor.”
These stimulus measures are expected to be effective within the upcoming months.