Finance minister upbeat on property market

Finance and Deputy Prime Minister Surapong Suebwonglee expressed confidence that the property business will grow markedly in the second half of this year, as soon as measures to stimulate the sector beginning to take effect.

Speaking after chairing the opening 18 House Condo Fair and Exhibition in Bangkok last week, he said that the Thailand property sector is considered one of the key focus areas of the government from jump-starting the economy.

He said that the current Government measures to reduce property taxes and specific business tax on homebuyers will contribute to the growth of Thailand property house purchase activities.

Dr. Surapong said that he had already discussed with the Secretariat of the Council of State process put in place measures, and they will be offered for royal approval before publication in the Royal Gazette. It is expected that the measures will enter into force shortly.

Athip Prechanont, president of Supalai Plc, said the public would take a few months to decide on house purchases once the economic stimulus package is issued and he believed total sales of houses would increase after mid-year, which would also help boost supporting industries. He said he expects the property business to expand by up to 10 per cent this year