Extend Home Ownership Incentives To Secondary Market Also, MIEA

August 21, 2019

Extend Home Ownership Incentives To Secondary Market Also, MIEA

The Penang branch of the Malaysian Institute of Estate Agents (MIEA) has called on the government to extend the stamp duty exemption offered under its Home Ownership Campaign (HOC) to cover the secondary market.

“We hope the same incentive, stamp duty exemption, be extended to the secondary market which are existing properties being sold by owners instead of by developers,” said MIEA Penang chairman Christina Choong.

This comes as some first-time buyers prefer to purchase a property from the secondary market due to its immediate availability and location.

Read more: Exploring The Home Ownership Campaign (HOC) 2019

However, the exemption only covers properties costing below RM300,000 within the secondary market.

As such, buyers “will have to fork out a higher deposit amount so we hope that there are incentives to help the secondary market too”, said Choong.

She noted that it is difficult to determine the number of secondary units that were left unsold in the market, reported Malay Mail.

“According to data from the Valuation and Property Services Department, there are about 3,000 overhang units priced above RM400,000 in the secondary market in Penang,” she said.

With this, Choong also urged the state to extend the approval fee exemption to foreign property buyers in the secondary market.

State exco Jagdeep Singh Deo, who is also housing development committee chairman, promised to bring up MIEA’s request for extension of the approval fee exemption to the secondary market.

Check out this property in Georgetown

In a bid to spur the property market, Penang offered a three percent exemption in approval fee to foreign property buyers in the state.

While the exemption was offered until June only, it was extended until the end of the year and applied to the primary market only.


Check out these new properties in townStart your search today and check how much the banks will loan you using our ‘Home Loan Pre-Approval’, with a 99.9% accuracy! Click here.


You may also like these articles

Penang’s Property Market Growth To Remain Flat This Year

A real estate consulting firm expects growth in Penang’s property market to remain flat this year, on the back of the market’s wait-and-see attitude and unpredictable economic outlook.Fook Tone Hu

Continue ReadingMarch 29, 2019

Home Ownership Campaign Gets Six-Month Extension

Housing and Local Government Minister Zuraida Kamaruddin announced that the Home Ownership Campaign (HOC) is extended for six months, till 31 December, reported The Edge Markets.This comes after the c

Continue ReadingJuly 1, 2019