Reduced homebuyer fees help market stay active

A renewal of the reduced property tax measures for another year can help boost housing demand and purchasing power, says a property consultancy, even as the cut in transfer and mortgage fees remains capped at 3 million baht a unit.

Phattarachai Taweewong, director of research and communications at Colliers International Thailand, said the measures help developers and consumers.

The cut in transfer and mortgage fees from 2% and 1%, respectively, to 0.01% should not be capped for units priced 3 million baht and lower, he said.

“It should be applied to all price ranges, or at least up to 10 million baht.”

The cabinet on Tuesday announced an extension of the property-related measures.

One measure was a reduction of the land and building tax by 90% for another year in 2021.

The other was a cut in the transfer and mortgage fees to 0.01% until the end of the year for new…