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Thailand to unveil new real estate initiatives to boost economy

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Thailand is set to unveil new real estate initiatives on Tuesday, April 9, as confirmed by the finance ministry, in an effort to rejuvenate the nation’s economy, the second largest in Southeast Asia.


Deputy Finance Ministers Krisada Chinavicharana and Julapun Amornvivat will present economic stimulation strategies through the real estate sector at a briefing scheduled for 0730 GMT on Tuesday, after a cabinet session, as announced by the ministry.


The presentation is expected to detail initiatives aimed at positioning Thailand as a leading global industrial hub, though specific information was not disclosed.


Reports from Thai media suggest that the finance ministry will recommend to the cabinet a series of real estate incentives, including a reduction in transaction fees for properties valued at up to 7 million baht (approximately US$190,891), decreasing ownership transfer fees to 0.01 per cent from the current 2 per cent.


Additional measures reported include tax incentives for individuals constructing their own homes and mortgage assistance for those with lower incomes.


The ministry is also set to suggest amendments to regulations governing foreign property ownership, notably by extending lease terms to 99 years from the existing 30 and permitting foreign nationals to purchase certain residential properties.


Prime Minister Srettha Thavisin, underscoring the need for significant economic stimulus, indicated on Monday that economic growth for the first quarter of 2024 might not exceed 1 per cent, a deceleration from the 1.7 per cent growth rate recorded in the preceding quarter.


Source: Reuters

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