With the impending arrival of Federal Budget 2019, StarProperty.my invites the public and stakeholders of different industries to contribute their thoughts on how should the government spend or save the money.
Budget 2019 Wishlist 001: Malaysians want cheaper homes
Budget 2019 Wishlist 002: A property wishlist for the new government
Budget 2019 Wishlist 003: Budgeting for the people
Contributed by Savills Malaysia managing director Datuk Paul Khong
FOR September, we are looking at the impending Budget 2019 which is happening in October. Hence, we would like to know if there are any wishlists or comments from the reader's side regarding the issue.
In the last few years, various priorities and concessions were given to new house buyers in the affordability sector to increase higher homeownership. Concept schemes such as PRIMA, PMR (by SPNB), PPA1M, MyBN Homes and more were successfully implemented, and this effort was further intensified in the Budget 2018 with an RM2.2bil allocation.
The affordable segment has been consistently covered in the last few budgets, and we hope that the general property market sector is revisited jointly for 2019 with some goodies in place to benefit the middle and working class segments too.
A revisit of the property cooling measures introduced in 2013 is now timely as its original objective to cool down the market seem to have been achieved.
The measures introduced include the increased rates in RPGT, prohibition of DIBS, application of LTV ratio on net selling prices, limiting the max tenure of financing and more.
The prices of properties in the standard categories have taken a hit since the last few years, and the speculation elements have been kept at bay. These cooling measures have also taken a toll on the overall sector, and the overhang situation is getting imminent.
A fresh boost is needed in 2019 to increase the performance and re-stimulate the local market given the current lacklustre in the property sector.
Also, a general relaxation on the property loans from the financing angle and a revision of the Loan to Value Ratio (LTV) will be good to bring back the action and energy in the local market. A discount on RPGT rates will also be well received.
A further postponement or cancellation of the 4% stamp duty rate for properties above the RM1mil price tag (which was to be effective from 1 January 2018) is also part of our wishlist.
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