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Thai developers take advantage of last days of government incentives

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As time runs out on the government’s incentives for buying property in Thailand, property developers are launching a last round of special promotions in a bid to boost sales. Most residential developers hosted promotions at the recently concluded 34th House & Condo Show at the Queen Sirikit National Convention Centre.

Thanasiri Group was one such developer who created a special offer to entice buyers at the show. They offered the weight of one baht worth of gold for every THB1 million (USD28,500) spent buying a home at the show in addition to large discounts. Sena Development, meanwhile, slashed prices by as much as THB1 million (USD28,500) for those who booked a property over the weekend.

LPN Development went ahead and provided free mortgage and transfer fees for customers who bought one of its condominiums at the event and also had a unique “Help you pay a half of monthly payment” promotion. Quality Houses was another developer who offered discounts along with a free smartphone for those who purchased a home.

Veerakit Akeakkaravichit, chair of the organising committee of the property show, explained that he hoped upwards of 150,000 visitors would attend this year’s event with developers bringing home THB3 billion (USD85.45 million) during the show.

“We believe many home-buyers will decide before the government’s measure, which has reduced the transfer and mortgage fee to just 0.01 percent, expires at the end of April,” Veerakit noted.

The cabinet approved these property measures on 13 October last year that saw rate cuts for housing transfer and mortgage fees reduced to 0.01 percent each for six months, down from two percent and one percent. The transfer fee is usually paid equally by homebuyers and developers at 1 percent each.

Developers have been using the savings they get from this fee to offer attractive sales promotions to buyers in order to get them to make purchases in this tough economic climate. The promotions have included discounts, free smartphones, furniture, electrical appliances and the waving of mortgage fees and common area expenses.

This story was originally published on DDproperty.com on 14 March 2016.

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