The National Property Information Centre (NAPIC) expects the property market to remain resilient during the second half of 2019, on the back of government-driven initiatives aimed at supporting market activities within the housing sector and the robust growth of the country’s gross domestic product (GDP) in the second quarter.
It underscored that addressing the property overhang and providing affordable housing are still the government’s main agendas, especially with the incentives offered in Home Ownership Campaign (HOC) 2019 and the launch of the National Housing Policy 2.0 (2018-2025).
Read more: The complete guide on buying a subsale property in Malaysia
In fact, the residential overhang situation and home ownership among Malaysians are expected to improve in the second half of the year with the extension of the HOC incentives from 1 July to 31 December, reported The Sun Daily.
Among the incentives offered in the campaign are stamp duty exemptions for memorandum of transfer and loan agreements as well as a minimum price discount of 10 percent.
NAPIC also believes that the anticipated robust GDP growth, along with the lower borrowing cost, new rates for real property gains tax on property disposal after five years, incentives for first-time house buyers and the hike in stamp duty rates from three percent to four percent for the transfer of properties valued at about RM1 million would have an indirect and direct impact on Malaysia’s property sector.
“Given time, the property sector will undergo market adjustments and corrections accordingly,” it said.
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