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Thailand Property Shows Good Signs

By on Aug 02, 2016 in Property News, Residential

Thailand property is showing good signs of recovery as despite the uneven recovery, GH Bank’s new mortgage growth increased by 10% year on year during the first half, thanks largely to the government property stimulus measures. GH is a state backed housing lender and provided 75 billion baht in new mortgages for the first half of 2016 compared with 68 billion over the same period last year, president Chatchai Sirilai said.  Without the stimulus, new housing loans may have dwindled.

Under the property stimulus package approved by the cabinet in October last year, real estate transfer fees were cut to 0.01% from 2% and mortgage fees were dropped from 1% to 0.01%. Only those buying properties priced up to 3 million THB were eligible. In addition if you were a first time buyer you were able to deduct 20% of the value of the home from their personal income tax over a five year period.

GH Bank and the Government Savings Bank have also offered mortgages worth a combined 40 billion baht to tenants and buyers under the cheap housing programme. Mr Chatchai estimated that the bank’s new mortgages will continue to expand in the second half, thanks to the low cost housing scheme.

 

Source: Bangkok Post, 19th July 2016
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