The President of the Thai Condominium Association has called for revised taxation and fee structures to boost the kingdom’s residential market.
Prasert Taedullayasatit (pictured) issued the proposals following a tough first four months of 2014 in which he said the real estate market in Thailand declined by 28 percent.
In an interview with The Nation Prasert, who is also also Managing Director for Condominiums at listed developer Pruksa Real Estate, proposed reducing transfer fees from the current 2 percent down to zero, and scrapping the 1 percent mortgage fee. The move, he said, would boost residential demand by reducing transaction costs for property purchasers.
His association is also lobbying to reduce the 3.3 percent special business tax.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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