THE 2020 Budget has provided hope to developers, house buyers and industry stakeholders, said PropertyGuru country manager Sheldon Fernandez.
He said the revision of the base year of acquisition for real property gains tax (RPGT) from Jan 1, 2000 to Jan 1, 2013 will soften the impact on higher tiers of the market, but its continued application will be a concern for investors and other stakeholders in the property value chain.
He said provisions targeting issues, such as first-time home ownership and the residential property overhang like the extension of the Home Ownership Campaign (HOC), are much needed to restore confidence in mid-range housing and the sector as a whole.
“Labour-centric provisions and reforms, along with macroeconomic boosters, will raise the overall income for Malaysians, tackling affordability from the bottom up. However, this is a long-term play which will take time to impact home seekers,” said Fernandez.
He also said the allocation of RM10 billion for rent-to-own (RTO) schemes for first-time house buyers is a step in the right direction as an alternative financing platform.
Media Title: Daily Express (KK)
Date:02 Dec 2019