Ministry woos investments with land ownership incentive
The Interior Ministry aims to allow foreign investors who invest 40 million baht for at least three years to purchase residence on 1 rai (1,600 square metres) land in a bid to boost real estate sales and stimulate the economy.
The ministry will propose this measure to the Cabinet soon, Deputy Interior Minister Nipon Boonyamanee said on Tuesday.
He expected this measure to help stimulate the real estate market and benefit lands in Bangkok and other major provinces, such as Samut Prakan, Chonburi, Chiang Mai and Phuket.
"So far, the Interior Ministry has sought measures to stimulate real estate sales, especially among foreign businessmen with high purchasing power," he said.
"The price of real estate in Thailand isn't high compared to other countries, so it is a good opportunity to stimulate the economy."
He said the ministry also aims to lower transfer and mortgage fees for properties costing more than 3 million baht to 0.01 per cent.
He added that the ministry will study whether the reduction of transfer and mortgage fees will be offered to properties costing up to 20 million baht or not.
