More could be done to stimulate property market, says Reapfield

PETALING JAYA (Oct 29): The newly announced Budget 2022 today has disappointed many in the property industry as there are not many significant measures that could stimulate the market, said Reapfield Properties Group COO Jonathan Lee.

Commenting on the Budget 2022 announced this evening, Lee said other than the Real Property Gains Tax (RPGT) exemption on properties sold after the sixth year, there is no exciting measure that can spur market buying interest.

“RPGT waiver can motivate the seller to sell, but there is nothing to motivate the buyer to buy.

“I was expecting at least the extension of HOC (Home Ownership Campaign), or even better, stamp duty discount or incentive for first-time homebuyers. However, there is none. The Budget has nothing much for property. It is rather disappointing,” Lee told over a tele-interview.

As part of the Malaysian Institute of Estate Agents (MIEA), Lee said the association has submitted property-related Budget suggestions for the government's consideration. Some of the suggestions include the extension of HOC to the secondary market, incentives for first-time homebuyers, as well as stamp duty exemptions to encourage market transactions.

He also expected to see some announcements about the Malaysia My Second Home (MM2H) scheme for international buyers.

“There is nothing about MM2H or something for the foreign buyer to make them come to Malaysia. We need more transactions to move the industry.

“Not only that, I also don’t see anything for the local homebuyer. Unlike last year, we have very little home buying opportunities, such as dedicated projects or incentives for first-time homebuyers,” he concluded.

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