Deputy Finance Minister Wirun Techapaiboon has revealed that the new list of property appraisal prices, which was scheduled to be announced in January this year, has been delayed by another six months due to the flood crisis in 2011.

According to Mr Wirun, the land and building price estimates for 2008-2011 would remain to be announced until the end of June this year, after the nation faced with the flood devastation in 2011.

Because of the impact from the flood crisis, the Treasury Department asked the committee on land and building appraisals to delay the enforcement of new price appraisals by another year, but the committee agreed to an extension of only six months.

The committee realized that the flood has created huge effects on the whole economic system and many people, both directly and indirectly. The delay in the enforcement of new price appraisals will, therefore, relieve the public of higher housing transfer and registration fees which will usually go up in accordance with new price appraisals.

Mr Wirun added that the delay will also help stimulate the real estate sector. He insisted that the delay in the enforcement of new price appraisals for lands and buildings was the decision of the committee involved, which is an independent agency, and had no hidden agenda.

via Finance Ministry: Real estate appraisal delayed due to economic impact from big flood : National News Bureau of Thailand.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

A short Guide to Taxation in Thailand

If the land or building is left empty or unused for a period of more than three consecutive years, it will be subject to an additional rate of 0.3% every three years, but the amount will not exceed 3%.

Thai property gains foreign popularity

Thailand’s real estate market has recently been characterised by an oversupply of flats. There were over 90 thousand unsold units of condominiums in the Bangkok Metropolitan Region (BMR) in Thailand as of 2020.