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GEORGE TOWN: The 2021 budget is expected to give the housing market a big boost and allow more Malaysians to own their first home, according to a real estate group.
Former Immediate President of the Malaysia Chapter of the International Real Estate Federation, Michael Geh, said the five-year extension of the stamp duty exemption, aimed at reviving abandoned projects, would benefit both contractors and buyers of households.
Geh, who is also a senior partner at Raine & Horne, said exemption from stamp duty for the transfer memorandum and loan agreement would stimulate and move the primary and secondary markets in the real estate market sector.
“The strong emphasis on affordability for home buyers in the budget will push Malaysia’s house price index to levels that are affordable for most people.
“The next five years will be the best time for Malaysians to buy their first home,” he told Bernama today.
Finance Minister Tengku Zafrul Aziz, in his inaugural speech on the budget yesterday, proposed that a total exemption from stamp duty be granted for transfer deeds and the loan agreement for the purchase of the first house worth up to RM500,000 to encourage home ownership.
He said that the exemption is applicable for purchase agreements in purchases that are completed from January 1, 2021 to December 31, 2025.
Tengku Zafrul said the federal government will also extend the stamp tax exemption on loan agreements and transfer deeds granted to salvage contractors and original buyers of abandoned homes for another five years.
