Thailand Cuts Property Fees to Prop Up Industry Battling Glut

Thailand will reduce property registration and transfer fees to revive a real estate industry battling an oversupply as more buyers turn wary of condominiums after an earthquake last month damaged thousands of skyscrapers in the Thai capital.

The cabinet approved a cut in property ownership transfer fee to 0.01% from 2% for condominiums, landed houses, commercial buildings or land with buildings priced up to 7 million baht ($202,000) until June 30 next year. It also agreed to slash mortgage registration fee for properties of similar value to 0.01% from 1%.