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PETALING JAYA (Nov 6): While the announcement on the full stamp duty exemption for the Memorandum of Transfer (MOT) and loan agreements for first-time homebuyers for properties priced up to RM500,000 will help, the key factor in stimulating the property market is affordability, said PA International Property Consultants (Penang) executive director Michael Loo.
“The overhang situation will not be relieved if consumers cannot afford to buy a house. Stimulating the macro economy, creating job opportunities and increasing purchasing power is the sustainable way to save the property market,” Loo told EdgeProp.my.
Read other Budget 2021 news on EdgeProp.my/Budget2021
He added that the best solution is not to give incentives to satisfy the needs from different groups, but to find sustainable ways to grow the economy and build the country’s resilience.
“Increasing job opportunities (which may lead to long-term spending in the market) is the key driver. Enhance affordability through mortgage incentives and EPF fund withdrawals” he stressed.
Loo added that the stamp duty exemption should also be applicable to the secondary market to stimulate the overall property market.
Meanwhile, for properties priced above RM500,000, help can be given in the form of revving the MM2H program or reducing foreign purchase taxes.
“Reviving mega development projects such as Penang Transport Master Plan and the High Speed Rail will help to increase investment attractiveness of the regions,” he said.
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