Thailand has opted to continue its reduction of rates for the sale and mortgage of certain types of properties to Thai individuals, as detailed in two ministerial regulations issued by the Ministry of Interior dated December 28, 2023, and published in the Government Gazette on January 2, 2024.
In recent years, Thailand has allowed a reduction of the government fees for registering the sale and mortgage to Thai individuals of detached houses, semidetached houses, row houses, commercial buildings, the accompanying land, and condominium units with a sale price, official assessed value, and mortgage amount of up to THB 3 million.
The reduced rates for these government fees are as follows:
- Sale: 1% of the officially assessed value (reduced from the normal rate of 2%).
- Mortgage: 0.01% of the mortgage amount (reduced from the normal rate of 1%).
To be eligible for the reduced mortgage registration rate of 0.01%, both the sale and mortgage must be registered at the same time. These reduced rates will be valid until December 31, 2024.
For further information, please contact:
Nathat Chongcharoenphanich, Partner, Tilleke & Gibbins
chaiwat.k@tilleke.com
