THE MALAYSIAN RESERVE. 29TH OCTOBER: More can be done to revitalise the property sector as the nation is on the road to economic recovery, says PropertyGuru Malaysia country manager Sheldon Fernandez.
“We believe more can be done to help revitalise the property sector, especially as the nation is still at the beginning stages of its journey to recovery. As outlined in our wish list, we hope that the government would extend the Home Ownership Campaign (HOC) to 2022, and that the incentives under the campaign can be extended to the secondary residential market to help spur the economy and encourage first-time home buyers to consider buying subsale properties,” he said in an immediate statement after the tabling of Budget 2022.
“This was also a measure that 58% of Malaysians wished for from the government, according to our Consumer Sentiment Study,” said Fernandez.
Overall, he said that the Budget 2022 has shown the government’s commitment to supporting the people who were affected by the pandemic, and the strategies and initiatives outlined are especially pertinent to the Keluarga Malaysia theme.
“As the leading property website in Malaysia, we look forward to supporting the government’s efforts in helping more Malaysians own their dream homes,” added Fernandez.
The firm commends the government’s RM1.5 billion allocation to continue low-cost housing projects and the additional RM2 billion allocation to enable those without a stable income to own a home through the Housing Credit Guarantee Scheme under the Pemilikan Rumah Kediaman initiative.
Fernandez noted that basedon Property Guru’s Consumer Sentiment Study, 46% of Malaysians surveyed shared that they face difficulties in securing home loans, with the top two barriers being inability to afford down payment and unstable job or salary.
“Hence, these two measures announced will bring relief to the woes of many Malaysians, alleviate the struggles of potential homebuyers in the country, as well as further encourage homeownership in a systematic and inclusive manner as we believe that all Malaysians have the right to own their dream home,” he said.
The government’s move to no longer impose Real Property Gains Tax (RPGT) on properties that are disposed from the sixth year onwards is laudable, he said, as this would not only help to decrease the burden of non-speculative property holders, it will also help to stimulate the property market by encouraging the buying and selling of residential properties.
Meanwhile Mah Sing Group Berhad (Mah Sing) founder and group MD Tan Sri Leong Hoy Kum said that the property market will benefit from the newly announced measures such as the allocation of RM2billion guarantee through the Housing Credit Guarantee Scheme to facilitate loans for those without proof of steady income as well as the RPGT waiver for property disposed.
“This would be a timely catalyst in expediting the recovery of the property industry in line with the general consensus of expecting 2022 to be a better year for Malaysia. With the government taking the important steps in steering the direction, we believe that all industry players and stakeholders will work together to ensure that the incentives will ultimately benefit the home buyers and propel the property market in Malaysia,” Leong said in a statement.