Budget 2020: Government to introduce new schemes for property market

KAJANG (Sept 23): Putrajaya is mulling a homeownership scheme for those who have problems securing a home loan in the upcoming Budget 2020, said Deputy Finance Minister Datuk Wira Amiruddin Hamzah.

In his speech at the briefing for the property market 1H2019 and the launch of the Unsold Property Enquiry System Malaysia (UPESM) 2.0 held at the National Institute of Valuation (Inspen) this morning, Amiruddin said the Ministry of Finance is in the final stage of formulating Budget 2020 and a few new schemes will be introduced in the budget.

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In the upcoming budget, which will be unveiled on Oct 11, the government will attempt to tackle the issues plaguing the property market, such as the bankability of certain buyers and the mismatch between the location of houses and buyers' expectations, he told the media after the launch.

"We are still in the process of formulating [the Budget] and getting good suggestions from the rakyat.

"What is important is to come out with a scheme for those who are less bankable to help them become bankable… with some innovative schemes. I'm not supposed to give away anything here but [it will be] something along that line," he added.

Meanwhile, Amiruddin lauded the Valuation and Property Services Department's (JPPH) effort of enhancing the UPESM to allow users quicker and more efficient access to data on unsold properties in the country.

Launched in 2018, UPESM now allows users to generate graphs based on the data published on the website.

To date, it has garnered some 7,000 users since its launch, according to JPPH director general Ahmad Zailan Azizuddin.

"Based on the positive feedback from the users, the system has been improved this year to enable users to gain access to more accurate data about unsold property through visual that follow by dostricts and property types," he said.