Mah Sing Bhd believes the stamp duty increment for homes worth more than RM1 million will encourage advance buying of completed properties prior to Jan 1, 2018 when the hike takes effect.
While the government’s efforts in encouraging home ownership are lauded, real estate consultants feel more can be done to help the people fulfil their dream of owning homes.
“This is very punitive for those purchasing non-residential properties worth more than RM1 million because they have to bear the brunt of the 6% GST too.”
Budget 2017 that was announced today did not provide measures to shore up the property market or to help the bulk of potential homebuyers to own homes.
PR1MA chief executive officer Datuk Abdul Mutalib Alias said with the new end financing scheme, more than 74% or 980,000 PR1MA registrants would have increased accessibility to house loans.
Among the initiatives are Felda Next Generation Housing Project, Felcra Second Generation Housing Project and Risda Second Generation Housing Project, aimed to help the second generation settlers.
Government lands will be made available for the building of 30,000 affordable homes in the country, Prime Minister Datuk Seri Najib Razak said in his Budget 2017 speech today.
Stamp duty exemption doubled to 100% on instruments of transfer and housing loan instruments to help reduce the cost of first home ownership. Exemption limited to houses valued up to RM300,000 for the period of Jan 1, 2017 to Dec 31, 2018.
Stamp duty will be exempted for property transfers and housing loan instruments to help reduce the cost of first-time home ownership.
The construction sector is expected to expand 8.7% in 2016 compared with 8.2% last year, said the Ministry of Finance in its 2016/2017 Economic Report
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