To further rejuvenate the local property sector, iProperty.com.my’s wishlist for the upcoming National Budget 2021 scheduled to be tabled in November 2020 includes for the government to consider reducing the stamp duty tax for first-time homebuyers after the end of the current Home Ownership Campaign on 31st May 2021. A stamp duty reduction is essential to help young Malaysians get on the property ladder. On the same note, stamp duty tax could be extended to the secondary market which will further provide opportunity for property seekers to explore subsale properties.
The full exemption of Real Property Gains Tax (RPGT) that was announced under the PENJANA package is greatly welcomed but it is hoped that the new budget will improve on the existing RPGT initiative by removing or loosening the limitation of disposal units per individual to encourage more confidence in property sellers.
Another factor that could stimulate the local property market is investments from foreign buyers, and that the application process for MM2H programme could be made more streamlined and investor-friendly.
Rental incentives are also required as some people prefer to rent than buying a house to save on accommodation costs in the short term. The government could introduce an initiative that provides incentives to first-time and seasoned renters.
