Malaysia Real Estate sector's growth backed by government

Govt to continue supporting real estate sector's growth

KUALA LUMPUR: The government will continue to provide continuous support to stimulate growth in the real estate sector, including extending full stamp duty exemption for first-time house buyers for houses worth up to RM500,000 until December 2025.

Department of Valuation and Property Management (JPPH) director-general, Abdul Razak Yusak said although the real estate market is expected to improve, industry players should take cautious measures in light of the unpredictable and challenging global economic landscape.

He said this during his presentation of the Property Market’s Report for the first quarter of 2024 (1Q 2024) in a live broadcast on Facebook today.

On the same note, Abdul Razak said the flexibility of application requirements for the Malaysia My Second Home (MM2H) programme is expected to continue driving the momentum in the market.

At the same time, the government will also facilitate efforts towards the sharing of fast and relevant data from credible sources.

"To this end, JPPH through the National Property Information Centre (NAPIC) has upgraded the display of the Open Transaction Data portal launched in November last year with the addition of several new features to meet the needs of data users,” he said.

He added that this continuos effort by the department will serve as a reference for the public to better understand the real estate market.

Furthermore, Abdul Razak said JPPH is committed to enhancing transparency in service delivery and facilitating data access by users.

"The shared data collectively serve as very important real estate market indicators which can be utilised by all parties, especially real estate industry players," he said.

All NAPIC publication data can be accessed for free on the official NAPIC portal, - Bernama

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Posted on 15-May-2024