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Bangkok Condo – New Tax Fee Structure ‘will up condo market’

By on Jun 11, 2014 in Property News, Residential

Condo association chief urges transfer, mortgage fees to be slashed to zero after launches, presales fall by 30%  A revised taxation and fee structure in the property sector would boost the residential market in the second half of the year, the Thai Condominium Association’s new president said in an interview with The Nation early this week.

Prasert Taedullayasatit said the association had submitted such a proposal to the Thai Chamber of Commerce as part of a road map to drive property market growth in the latter half of the year, after the market dropped 28 per cent during the first four months in terms of project launches and up to 30 per cent in terms of presales.  The condominium segment faced the hardest time in the residential sector, with new project launches in greater Bangkok declining 37 per cent in the first quarter compared with the final quarter of last year.

Prasert said the main proposals for revising the tax structure in the property sector were bringing the transfer fee – currently 2 per cent of residential value – down to zero, and lowering the 1-per-cent mortgage fee to the same level.

Prasert, who is also managing director for condominiums at Pruksa Real Estate, said the company had launched five condominium projects worth Bt4.8 billion combined in the first quarter.  About 40 per cent of the projects’ value has since been sold.  The company also plans to launch three to five projects, together worth between Bt3 billion and Bt5 billion, in the current quarter.

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