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Property Market Remains Soft

Kuala Lumpur: The property market in Malaysia is still soft as higher inflation and the gloomy outlook for the global economy has impacted buyer sentiment.


"People are taking a wait and see attitude," Real Estate and Housing Developers Association (REHDA) president, Datuk Ng Seing Liong said.


The recent government incentives for the property industry has not helped much to spur buyer sentiment, he told Bernama recently.


"Probably, there should be more incentives such as the stamp duty waiver for the transaction of houses costing RM1 million and below," he said.


Currently, the stamp duty exemption is only for houses valued at RM250,000 and below.


In explaining the rationale behind his call, he pointed out that it was necessary as between the budget and now, there had not been much of a push in the property market.


According to Ng, the property industry is in dire need of an impetus for growth as houses valued between RM400,000 and RM500,000 were not selling as fast as expected.


On other hand, he highlighted that developers and contractors faced rising cost problems.


He also suggested that the government increase the price of low cost houses to RM75,000 in urban and RM60,000 for rural areas. - Bernama





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