PEPS: Minimal impact of Budget 2022 on property market

PETALING JAYA (Oct 29): Association of Valuers, Property Managers, Estate Agents & Property Consultants in the Private Sector Malaysia (PEPS) president Michael Kong (pictured) says the Budget2022 will bring only minimal impact to the property market.

Kong told that the PEPS’ budget wish lists to the government did not materialise except for the proposed waiver of Real Property Gains Tax (RPGT) on homes disposed of in the sixth year onwards.

“We (PEPS) have sent in an extensive budget wish list that will benefit the stakeholders of the property market, such as the stamp duty exemption to encourage transaction, as well as incentive to developers who adopt IBS (Industrialised Building System). However, I’m disappointed that these wish lists did not materialise in Budget2022,” Kong shared.

Nonetheless, he lauded the introduction of Guaranteed Credit Housing Scheme, which aims to assist those in the gig workers with the ability to pay but without income statement to support the mortgage application.

“This is something good that could help homebuyers owning a home. However, just like the market anticipated, we certainly hope to see more measures that can help to boost the market too. I believe the Budget 2022 will bring only a minimal impact to the property market,” Kong concluded.

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