Budget 2019: MIPEAC lauds government’s effort to resolve market mismatch problems

PETALING JAYA (Nov 2): Budget 2019 is a very comprehensive budget that  encourages homeownership while aiming to resolve the mismatch in property demand and supply, said Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) deputy president See Kok Loong (pictured).

He lauded the Pakatan Harapan government’s move to waive all stamp duty charges for unsold properties priced below RM1 million. He also welcomed the announcement of end-financing assistance to be provided by Bank Negara Malaysia (BNM).

“Such measures show that the government is trying to address the issue of unsold units and assist first-time homebuyers to own a home,” said See.

He said the waiving of stamp duties is a good move for first-time homebuyers and very positive for the housing market especially the affordable housing segment.

“The homeownership campaign is something the government has put great emphasis back in 1998 and not something new. But as time passes, we need different solutions to handle homeownership problems,” he told EdgeProp.my following the Budget 2019 speech by Finance Minister Lim Guan Eng in Parliament today. 

On the government’s approval for the setting up of a property crowdfunding platform by the private sector, he saw this as a good way to help first time homebuyers.

“However, we need to know the details of how investors can benefit without affecting the home buyer. Nevertheless, it is worth a try,” he added.

As for the proposal to impose Real Property Gains Tax (RPGT) for property transacted from the sixth year onwards, See opined that this is not fair to property owners who had purchased their property a few years back.

He noted that speculative activities have been reduced significantly due to the slow market. Furthermore, he added, the impact will be minimal for long-term investors.