- Buyers of houses priced between RM500,000 and RM1 million will enjoy an increase in stamp duty exemption from 50% to 75% until Dec 31, 2023.
KUALA LUMPUR (Oct 7): The national budget tabled by the Ministry of Finance today unveiled a total expenditure of RM372.3 billion in 2023.
The allocation is spread to RM272.3 billion for operating expenditure, RM95 billion for development expenditure (DE) and RM5 billion for the Covid-19 Fund, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz told the Dewan Rakyat on Friday.
Of these, the DE of RM95 billion is possibly the highest allocation for development based on historical data compiled by The Edge.
Meanwhile, the country's fiscal deficit-to-gross domestic product (GDP) is projected to drop to 5.5% in 2023 from 5.8% this year.
Here are some of the highlights for the real estate industry:
1. First-time homebuyers will continue to enjoy the 100% stamp duty exemption for properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-Miliki) from June 1, 2022 to December 2023.
2. Buyers of houses priced between RM500,000 and RM1 million will enjoy an increase in stamp duty exemption from 50% to 75% until Dec 31, 2023.
3. RM3 billion is allocated for the Housing Credit Guarantee Scheme to help those without fixed incomes to secure housing loans.
4. Transfer of properties between families is subject to a stamp duty of only RM10.
5. The allocation for building new and renovating houses in rural areas is increased to RM460 million from RM367 million.
6. A total of RM367 million is set aside to build People's Housing Projects (PPR) in urban areas, including new projects in Marang Terengganu and Arau, Perlis which is expected to benefit 12,400 people.
7. The Rumah Mesra Rakyat programme will receive a total of RM358 million to build 4,250 housing units.
8. RM290 million is allocated to refurbish low-cost strata houses, including to replace run-down lifts.