The Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) has called on the government to extend the benefits offered under the Home Ownership Campaign (HOC) to first time home buyers within the secondary market.
MIPEAC President Francis Loh believes that doing so would boost the overall property market.
“If exemptions and incentives are also extended to the secondary market, this will allow the secondary market which constitutes the bulk of the property market to be more active and positively impact the economy as a whole,” The New Straits Times quoted him as saying.
Based on the National Property Information Centre (NAPIC) data, the secondary market – which refers to previously owned properties – accounted for 80% of the total property transactions registered last year.
To run until 31 May 2021, the HOC was reintroduced under the National Economic Recovery Plan (PENJANA), offering buyers up to RM1 million in stamp duty exemptions for instruments of transfer for the acquisition of properties priced between RM300,000 and RM2.5 million.
A full stamp duty exemption on the financing agreement is also offered under HOC. The exemption applies to sale and purchase agreements entered into from 1 June 2020 to 31 May next year for properties, which include a minimum 10% discount from developers.