However, the absorption rate declined, reflecting less favorable market conditions than expected at the beginning of the year.
In response, three real estate associations have proposed stimulus packages for the sector.
Proposed measures to revitalize the real estate industry next year include considering extending the fee reduction policy for real estate transfers and mortgages that expires at the end of this year.
There are also plans to lower fees for registering residence rights and legal documents, with remittance fees being reduced by 1% and mortgage fees by 0.01%.
Loan-to-value (LTV) ratio relaxation is aimed at relaxing credit control measures for residential real estate. The proposal proposes allowing citizens to borrow up to 100% for another two years after the Bank of Thailand (BOT) tightens standards.
This includes reverting to previous LTV standards, with first-time borrowers with loan amounts not exceeding 10 million baht being able to borrow up to 100% and an additional 10% for home decoration. .
For second homes where the loan amount does not exceed 10 million baht, borrowers can secure 70-90% financing.
The “Good Home, Good Down Payment” program increases down payment rebates for home purchases at all price levels from 50,000 baht to 100,000 baht, and provides low-interest loans to facilitate easier home buying. It is proposed to introduce a soft loan concept. Access to credit.
Plans to reduce taxes for first-time home buyers are also being considered, with the aim of making home ownership more accessible.
Another measure is to introduce a five-year visa for foreigners buying condominiums in the 3 million to 5 million baht price range.
In addition, in Bangkok, buyers are allowed to purchase housing within a project for up to 25% of the total project cost (with a price of 10 million baht or more), and in other provinces, for a price of 5 million baht or more.
Furthermore, it should be possible to extend the lease period to 50 years and increase the proportion of condominium ownership by foreigners by more than 49%.