Thailand to announce property measures to boost economy: ministry

THAILAND will announce new property measures on Tuesday (Apr 9), the finance ministry said, as the government attempts to revive South-east Asia’s second-largest economy.

Deputy Finance Ministers Krisada Chinavicharana and Julapun Amornvivat will brief about measures to stimulate the economy through the property sector at 0730 GMT on Tuesday, the ministry said.

The briefing, which will follow a Cabinet meeting, will also outline preparations to support Thailand to become a global industrial centre, it said, without giving details.

Thai media reported that the finance ministry would propose to the Cabinet property measures including reduced transaction fees for houses worth up to seven million baht (S$256,970), with ownership transfer fees cut to 0.01 per cent from 2 per cent.

There would be tax deductions for people who want to build their houses and home loans for low-income earners, the reports said.

The ministry will propose revised rules related to foreign ownership of residences, including extending the lease period to 99 years from 30 as well as allowing foreigners to buy some housing, the reports said.

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Prime Minister Srettha Thavisin reiterated on Monday that the economy needed big stimulus measures, saying growth might have been less than 1 per cent in the first quarter of 2024, following the annual 1.7 per cent expansion in the previous quarter. REUTERS