The Finance Ministry announced on the 29th of July 2016 the permanent reduction of property transfer fees. Previously, property transfer fees were temporarily reduced by 50% only until the end of 2016. But now the reduction has become permanent. This move aims to encourage buyers, give a boost to the real estate market and attract foreign investors.
The law implementing this change ‘Land and Surveys Department (Fees and Rights) (Amendment) (No.2) Law’, was passed on 14th July 2016 by the Parliament.