With residential property sales plunging during the enforcement of the Movement Control Order (MCO) to curb the spread of the COVID-19 pandemic, Housing and Local Government Minister Zuraida Kamaruddin hopes to see a rebound in sales after the lifting of restrictions.
“As people stayed at home during the MCO period, they have come to appreciate how important houses are and focused on their homes with better living spaces,” Malay Mail quoted her as saying.
“We hope post-COVID-19, it will pick up again.”
Zuraida revealed that various incentives has been provided by the government, which includes the suspension of interest payments on housing loans, exemption on agreement fees and stamp duties for property buyers and tax rebates on residential properties below RM500,000.
She added that certain exemptions on penalties were also given to developers who cannot finish their projects on time, reported Malay Mail.
Zuraida previously announced that a Temporary Measures Bill will be tabled by the government to mitigate Covid-19 outbreak’s impact, including protecting developers and buyers of housing projects affected by the MCO.
She noted that about 700 to 800 applications from developers seeking an extension of their project’s completion period have been received to date.
Prime Minister Tan Sri Muhyiddin Yassin on 5 June announced that the Home Ownership Campaign will be reintroduced in an effort to provide financial relief to property buyers and revitalise the property market.
According to him, stamp duty exemptions will be offered on instruments of transfer as well as loan agreements for the acquisition of residential properties priced from RM300,000 to RM2.5 million.
Image source from The Edge Property