The Malaysian real estate industry is urging the government to eliminate or reduce stamp duty and lower the property gains tax for homebuyers in the upcoming Budget 2021, according to a recent survey by Juwai IQI, reports The Malaysian Reserve (21 September 2020).
The survey carried out between June 16 and Aug 10 polled 344 Malaysian real estate agent panelists.
Juwai IQI executive director Kashif Ansari said a stamp duty exemption is the most looked forward essential item that will save homebuyers at least RM20,000 on a typical purchase. “It will also make it easier for first-time homebuyers to get into the property market, stimulate investor activity and encourage trade-up buyers to move while the exemption is in effect,” he said. Ansari noted that first-time buyers generally have least amount of money on hand and measures that reduce the size of the loans and monthly repayments would benefit both the buyers and the property market.
Media Title: The Malaysian Reserve
Date: 23 Sep 2020