The Real Estate & Housing Developers’ Association Malaysia’s (Rehda) wish list for the upcoming budget include a firmer stand on policy and incentives for foreign and first time buyers, according to president Datuk Seri Michael KC Yam.
“Among the things we are hoping for in the budget include leaving the real gains property tax (RGPT) rate as is. And following on from the report that foreign buyers do not increase property prices, we are hoping for a reduction in stamp duty for foreign purchasers and first time home owners,” said Yam.
He was speaking to reporters at the Rehda media briefing for the property industry survey for the first half of 2012.
Yam also remarked on the government’s plan to make all the properties from 2015 onwards to be purchased on the “build-then-sell” model, stating that it would cut the supply of properties by about 50%.
“We are suggesting that it not be the only method that properties are sold by, and [we should] simply let the buyer decide how they would choose to buy. In the end, it would have an impact on 140 industries,” said Yam.
Yam also commented on the perception that foreign buyers would drive up housing on prices, stating that only around 2% of homeowners nationwide are foreigners.
“In addition, foreigners are only interested in high-end properties, which would not be as much of interest to the man on the street,” said Yam. – The Edgeproperty