Weekly Industry News

Sentiment in property market could improve this year, says Knight Frank

Weekly Industry News

Policies and measures announced in the 2019 budget are expected to strengthen demand in the local property market, especially among firsttime homebuyers.

The direction of the new government will also drive sentiment recovery in the local property market this year, said real estate consultancy firm Knight Frank Malaysia Sdn Bhd.

“The slight upward revision in the rates of Real Property Gains Tax and stamp duty as announced under Budget 2019 are unlikely to have significant impact on the high-end condominium sector, although the acquisition and disposal costs in property transactions may be higher.

“In contrast, the exemptions and initiatives, in particular the waiver of stamp duty on the instrument of transfer and loan agreement for residential homes valued up to RM300,000 for a two-year period, and the six-month waiver of stampduty charges for properties priced from RM300,001 to RM1 million, are expected to kick-start the housing market moving into 2019 and beyond.”

In a real estate highlight report, Knight Frank said the introduction of alternative financing through “property crowdfunding” could further assist first-time homebuyers.

Media Title: The Malaysian Reserve

Date: 09 Jan 2019

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