THE MALAYSIAN RESERVE. 14TH OCTOBER: Property Guru Malaysia (PropertyGuru.com.my and iProperty.com.my) country manager Sheldon Fernandez welcomed the government’s announcement to impose a 4% stamp duty on non-Malaysians and private foreign organisations’ housing transactions, excluding permanent residents, to control property prices in the local market.
This is in response to the Property Guru Malaysia Property Market Report Q323 which reveals a mismatch between consumer demand and property prices.
The stamp duty is also paired with the increased Housing Credit Scheme allocations to RM10 billion, which will benefit 40,000 Malaysians to fulfil their homeownership dreams.
“It is also reassuring that the government is taking into account all stakeholders in the property market, by establishing a grant totalling RM1 billion to encourage developers to revive abandoned housing projects which were identified by the The Ministry of Local Government Development (KPKT).
“This initiative will benefit consumers who previously invested in such developments,” he said in response to the 2024 Budget announced yesterday.
Therefore, Fernandez hopes the government will collaborate with developers to cater to diverse buyer preferences.
Since it is shown that 38% of respondents in the PropertyGuru Consumer Sentiment Study 2H23 emphasised the need for affordable housing options.
“Notably, we applaud the announcement of RM546 million allocated for the continued development of 36 People Housing Programs (Program Perumahan Rakyat, PPR), including a new project in Kluang, Johor.
“The increase in supply of affordable homes will be key in stabilising the existing property market.”
The government is implementing a RM460 million initiative to assist 65,000 underprivileged rural citizens in developing new homes and repairing dilapidated ones, aiming to enhance their quality of life.
Fernandez lauded the 2024 Budget’s focus on housing initiatives to make homeownership affordable and with RM2.47 billion allocated for public projects is aligned with PropertyGuru’s wish list.
“Overall, the 2024 Budget has shown the government’s commitment to supporting the rakyat and empowering the economy to thrive.
“Thus, we reaffirm our commitment to collaborating with the government to cultivate a vibrant and inclusive property market through data-driven insights,” he said.