Thailand Cuts Property Fees & Taxes to Boost Real Estate Market in 2024 & Beyond
If you’ve been thinking about buying property in Thailand, there’s some good news. The Thai government recently announced new tax and fee cuts aimed at boosting the real estate market and making it easier for people to buy homes and condos. These changes could save buyers thousands of dollars, especially those looking to purchase homes under 7 million baht (about $190,000 USD).
Lower Fees for Buying Property in Thailand
On April 9, 2024, Thailand’s Cabinet approved new real estate measures to help stimulate the housing market. The government is temporarily cutting both the transfer fee and the mortgage registration fee on property sales:
- Transfer fee reduced from 2% to 1%
- Mortgage registration fee reduced from 1% to 0.01%
These reductions apply to properties priced at 7 million baht or less, whether it’s a house, townhouse, condo, or commercial property. This incentive is available until December 31, 2024.
If you’re in the market for a Bangkok condo, check out our luxury Bangkok condos for sale to take advantage of these savings.
Why the Government Is Doing This
Thailand’s real estate market has slowed in recent years, especially after the pandemic. By cutting these costs, the government hopes to encourage more people to buy property, inject money into the economy, and help developers sell more homes. Officials estimate these measures could drive nearly 800 billion baht in property transactions this year and boost the economy by around 1.5%.
Extra Tax Breaks for Lower-Priced Homes
For homes priced under 3 million baht (about $82,000 USD), the government is offering additional savings:
- Transfer fee stays at 1%
- Mortgage registration fee drops to 0.01%
- Applies only to Thai nationals
- Purchase must be for residential use (not investment)
- Price and mortgage amount must not exceed 3 million baht
These benefits were first rolled out in 2023 and have now been extended through the end of 2024.
Looking for budget-friendly properties? Browse our Bangkok homes under 3 million baht.
15% Off Land & Building Taxes
The Thai government also gave property owners a break by reducing land and building taxes by 15%. This applies to all types of property:
- Residential land
- Commercial property
- Farmland
- Even empty or undeveloped plots
This discount became official in March 2023 and is still in effect, helping current owners save on their annual property taxes.
Government Home Loans for First-Time Buyers
To support lower and middle-income buyers, Thailand’s Government Housing Bank (GHB) launched some helpful loan programs:
- One Million Homes Project: Loans up to 1.5 million baht with a fixed 3% interest rate for the first 5 years
- Happy Life Program: Loans up to 2.5 million baht, with interest averaging 2.98% for the first 3 years
These low-interest loans are great options for buyers who might otherwise struggle with high upfront costs.
Learn more in our guide to buying property in Thailand if you’re considering financing options.
Possible Future Updates: Easier Rules for Foreign Buyers?
The Thai government is also discussing longer-term reforms to help the property market, including changes that may benefit foreign buyers. Some of the ideas being floated include:
- Extending lease terms from 30 years to 99 years
- Allowing foreigners to buy more types of property
- Tax breaks for construction or home renovation
These changes aren’t official yet, but they could open up exciting new possibilities for expats and investors in the near future.
Thinking about investing from overseas? Read our Thailand property guide for foreigners for everything you need to know.
Our Final Thoughts
These new tax and fee cuts make 2024 one of the best times in recent memory to buy property in Thailand. Whether you’re a local buyer or a foreigner looking for a second home, these savings could shave off thousands in fees and make owning property more affordable.
If you’ve been considering buying a condo in Bangkok, a beachfront villa in Phuket, or a quiet retreat in Chiang Mai, now’s the time to explore the market. The fee reductions and government-backed loans won’t last forever—they’re only available through December 31, 2024.
Have questions? Reach out to us or browse our current Bangkok property listings to see what’s available.
