KUALA LUMPUR (Sept 22): Property marketplace PropertyGuru Malaysia has put forward its Budget 2023 wish list, calling on the government to increase incentives to the property sector to spur growth.

In a statement on Thursday, PropertyGuru said it is hopeful that the government would continue the Home Ownership Campaign (HOC) and remove the stamp duty for residential properties costing RM500,000 and below for all Malaysians to boost the market.

“More potential homebuyers have paused their homeownership plans due to rising inflation and Overnight Policy Rate (OPR) increase.

“Economic uncertainties on the back of the overall recovery in the endemic phase have made potential homebuyers put a pause while many others have raised concerns over affordability,” said Country Manager Sheldon Fernandez.

He added to address the situation, the Budget 2023 should aim at making homeownership more attainable for lower to middle-income groups, as affordability issues continue to loom according to PropertyGuru’s Consumer Sentiment Study (CSS) 2H 2022.

“51% of the respondents feel that they are unable to purchase a home without government assistance, while 69% of the respondents have indicated plans to buy a home if the Home Ownership Campaign is revived.

“Amid affordability issues, the HOC has been a great help for many first-time homebuyers and has successfully encouraged activity in a slowed property market,” he added.

Sheldon said the continuation of the HOC would create demand and further encourage homeownership, providing more options and price points for potential homebuyers if sub-sale properties were included.

“As part of this, we also hope that the government can consider reducing or removing the stamp duty for residential properties of RM500,000 and below for all Malaysians to boost the market,” said Fernandez.

Another of his wish for Budget 2023 is for the government to also provide schemes similar to the MyHome Scheme which is aimed at allowing first-time buyers in Malaysia attain low-cost housing through government subsidies.

“This can be done by giving an up-front subsidy to developers that is inclusive of buyers’ deposit fees and any qualifying payment amount needed to reduce the monthly repayments for homebuyers, and ultimately encouraging them to resume their delayed homeownership plans,” he added.

He also hopes that the government would consider providing stamp duty exemption for homebuyers who purchase green-certified properties to encourage demand for that sector.

“The cost of constructing green buildings may be higher than traditional buildings, which might deter potential homebuyers from making the purchase,” he added.

Sheldon noted that PropertyGuru is ready to collaborate with the government and provide them with insights that can help drive Malaysia’s recovery and sustainable growth of the nation’s property market.