Thailand has announced a reduction of the government fees for registering sale and mortgage of certain types of immovable property or condominium units in 2023. The reductions were detailed in two notifications issued by the Ministry of Interior dated December 26, 2022, and published in the Government Gazette on January 3, 2023.
These two notifications, which will remain in effect through December 31, 2023, are part of the government’s efforts to strengthen the real estate business sector and encourage property ownership. They set government fees for registration of sale and mortgage of immovable property or condominium units as follows:
- Sale of immovable property or condominium unit: 1% of the officially assessed value (reduced from 2%)
- Mortgage of immovable property or condominium unit: 0.01% of the mortgage amount (reduced from 1%)
The above reduced rates apply only to the sale and mortgage to Thai individuals of detached houses, semidetached houses, row houses, commercial buildings, and the land surrounding these buildings, as well as of condominium units. The property sale price, officially assessed value, and mortgage amount each must not exceed THB 3 million (approximately USD 90,000).
To qualify for the reduced mortgage registration rate, the sale and mortgage must be registered at the same time.
For more details on the reduced fees, or on any aspect of property law in Thailand, please contact Chaiwat Keratisuthisathorn at [email protected].