On November 7, 2019, Mr. Chankrit Dechwithak, the Assistant Minister to the Prime Minister (working at the Ministry of Finance), announced that the Ministry of Finance is collaborating with the Government Housing Bank (GHB) and three real estate associations, including the Thai Real Estate Association, the Thai Condominium Association, and the Housing Development Association, to offer a major '11.11' promotion featuring homes and condominiums priced at no more than 3 million baht, totaling 35,000 units. This initiative aims to support the government's measures to stimulate the real estate sector, starting from November 11 and running until the end of 2019.

           As part of this promotion, the Ministry of Finance has requested real estate developers to reduce the prices of homes exceeding 3 million baht, such as those priced between 3.5 to 4 million baht, down to 3 million baht to qualify for benefits under the government's real estate stimulus measures. This includes a reduction in transfer and mortgage fees to just 0.01%. For instance, purchasing a home priced at 3 million baht will incur transfer and mortgage fees of only 600 baht, down from the usual 90,000 baht, along with access to low-interest loans from GHB totaling 50 billion baht.

           “On November 8, the Ministry of Finance will hold a press conference to officially launch the campaign, detailing the partners or developers participating in the project. Following this, real estate developers nationwide, both small and large, will be invited to register with GHB branches across the country to join the project and receive promotional signage to advertise at their projects, informing the public. We expect this initiative will help boost sales and transfers until the end of this year,” Mr. Chankrit stated.

           Mr. Chankrit mentioned that the real estate sector is expected to benefit from the stimulus measures this year, with the Ministry of Finance aiming for a growth rate of 5-7%. Meanwhile, Mr. Uttama Savanayana, the Minister of Finance, has tasked the ministry with exploring additional support measures for the real estate sector, such as promoting the sale of second-hand homes, as the current measures only apply to new homes, to ensure overall growth in the sector.

           “We acknowledge that developers are still concerned about the Bank of Thailand's (BOT) loan-to-value (LTV) control measures. Therefore, the Ministry of Finance is studying additional measures to support developers affected by these regulations next year. The ministry’s approach during this period not only includes assistance policies but also emphasizes collaboration with developers to achieve mutual success,” Mr. Chankrit added.

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