The Thai government is trying its best to stimulate the economy. Recently, right before the New Year the government provided holiday tax breaks which increased consumer spending by 6.4% according to a survey by (UTCC).
A stimulus measure was also passed by the government to boost the Thai real estate market. The government believes that this stimulus will make first time home and condo buyers want to purchase a new place this year. It will also help investors who are looking to find a great deal before the end of April 2016.
Here’s some other important information about the stimulus:
- It started in October and will end April 2016
- Individuals will be eligible to deduct 20% of their home’s value from their personal income tax over 5 years if it costs under 3 million baht
- The ownership transfer fees of 2% of the property’s value & the mortgage registration fee of 1% of the value of the loan will be be reduced to 0.01%
Right now is great time to purchase an inexpensive condo or home in Thailand that costs less than 3,000,000 THB. People who want to take advantage of the cheaper transfer fees should also try to purchase a condo in Bangkok before April, at the moment condo owners are willing to offer a cheaper rate on their units because of the reduction of the transfer fees, however once the normal transfer fees return in April they will be forced to increase their asking price.
If you are looking to make a condominium purchase in Bangkok before April 2016, please feel free to leave us a message or a give us a ring.