The HOC 2021 successfully saw 82,201 housing units worth over RM38.29 billion sold from 2019 to August 2021. Along with this, RM274 million worth of stamp duties were exempted for first-time homebuyers.
For Budget 2022, Malaysia’s government will be focusing on homeownership for those who have no fixed income or involved in the gig economy. This includes delivery workers, homestay hosts, independent contractors, temporary workers and such.
The pandemic and MCO enforcements in 2020 have resulted in a 15.8% value decrease of real estate transactions compared to 2019. But with steady improvements and the initiatives of Budget 2022, the government is positive that Malaysia’s economy will grow between 5.5% and 6.5% next year.
- Protecting and driving recovery of lives and livelihoods
- Rebuilding economy resilience
- Boosting socio-economic reforms
This will continue until June 30, 2022 and will increase homebuyers' disposable income to indirectly spark the overall economy.
Allocation of RM1.5 billion for the construction of low-cost housing units. This is especially targeted for B40 households.
The Government will no longer impose the RPGT tax on residents, permanent residents, and other companies who sell their property starting from the 6th year of ownership and onwards. This will help spur the sub sale market and, in turn, the primary market as the interest to purchase will get stronger.
RM2 billion will be allocated to help those without proof of fixed income. This is specially targeted for gig workers, small business owners, and farmers in getting a housing loan.
Unused government land and Malay reserve land (MLR) will be rented out for agricultural and business projects. By making the most out of these lands, it will provide opportunities for low-income groups, youths, and graduates to generate income, along with being a source of income for the government as well.
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