As Malaysia unveils its Budget 2024, key figures in the property market have expressed their thoughts. While appreciating the government’s initiatives, several areas in the property sector, including affordable housing supply, property financing, and rental market regulations, were left unaddressed. Industry leaders emphasize the importance of these aspects for a comprehensive development plan.
Tan Kian Aun, President of the Malaysian Institute of Estate Agents, notes the absence of real estate sector stimuli, such as RPGT and stamp duty exemptions for secondary or commercial properties. Concerns about home affordability persist.
Datuk Choong Kai Wai, President and CEO of S P Setia Bhd, remains optimistic and looks forward to collaborating with relevant authorities to create affordable and quality housing.
The decision to introduce a 4% flat rate for stamp duty on property transfers by foreign individuals and companies raises concerns, as expressed by Datuk N K Tong, President of REHDA Malaysia. The increase in service tax from 6% to 8% also worries the industry, given the ongoing post-COVID challenges.
HBA, the National House Buyers Association, welcomes the grant to build PPR and Rumah Mesra units but urges the government to ensure these reach the intended segments and prevent abuse.
Airbnb expresses enthusiasm for tourism-related commitments in the budget, highlighting the allocation for tourism promotion and heritage site maintenance. They remain committed to supporting Malaysia’s tourism sector.
Finally, Ethan Leong, CEO of WEREG Properties Sdn Bhd, shares his views on the budget, including the need for clarity on the MM2H scheme and hopes for reduced stamp duty for local residents in the secondary market.
The property industry’s reactions to Budget 2024 reflect a mix of optimism and concerns, emphasizing the need for a balanced approach to address critical sector issues.