Thailand has declared that starting in 2023, there will be lower government fees for registering the sale and mortgage of specific categories of real estate or condominium units. The Ministry of Interior issued two notifications outlining the cutbacks on December 26, 2022, and they were published in the Government Gazette on January 3, 2023.
These two notices are a part of the government’s initiatives to support the real estate industry and promote home ownership, and they will be in force until December 31, 2023. The following government fees are established for the registration of sales and mortgages of real estate or condominium units:
- Sale of real estate or a condo unit: 1% of the officially determined value (down from 2%).
- Mortgage on real estate or a condo unit: 0.01% of the mortgage balance (down from 1%).
The lowered rates mentioned above only apply to the purchase and mortgage of condominium units, row homes, commercial buildings, and the land surrounding these structures by Thai nationals. The total of the property’s officially determined valuation, sale price, and mortgage balance cannot exceed THB 3 million (approximately USD 90,000).
The sale and mortgage must be registered simultaneously in order to be eligible for the discounted mortgage registration rate.
