Thailand Extends Reduction of Property Fees Measure to Boost Real Estate Sector

The Thai Cabinet meeting on Tuesday approved extending the measure to reduce property fees for another year as it seeks to boost the property sector.

According to the resolution, the Thai government approved to extend the period for measures to reduce registration fees for rights and legal acts for residences in 2024 by reducing ownership transfer fees of real estate from 2% to 1% and transfer fees for real estate mortgages from 1% to 0.01% (only applicable to transfers and mortgages at the time same) for buying and selling housing, including single houses, semi-detached houses, row houses or commercial buildings and condominiums (both new and used house).

This will only apply for houses with purchase price and appraised value not exceeding 3 million baht and mortgage amount not exceeding 3 million baht per contract.

The measure will be effective throughout 2024.