The party for the Malaysia property market is expected to go on for the next two years, according to the president of the Malaysian Institute of Estate Agents (MIEA), K. Soma Sundram.

The measures introduced by the Malaysian government in the recent Budget 2008 will boost the property sector, attract foreign investors and to help the lower income to own their own home.

The measures are:

1. Reduction of stamp duty by 50 per cent for houses worth below RM 250,000.

2. Home owners can withdraw funds from their Employees Provident Fund (EPF) to pay for their monthly home loan.

Previously, the Malaysian government also abolished the Real Property Gains Tax (RPGT) to encourage more foreign investors to invest in properties in Malaysia.

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PROPERTY MARKET EXPECTED TO REMAIN BULLISH IN NEXT TWO YEARS

KUALA LUMPUR, Sept 18 (Bernama) — The property market is expected
remain bullish in the next two years following the measures under Budget
2008 to increase property sales and attract more foreign investors,
according to the Malaysian Institute of Estate Agents (MIEA).
“With such a positive move by the government, we expect to see an
increase in sales and more foreign investors coming into the market,” MIEA
president K. Soma Sundram said at a press conference here today.
Soma Sundram said the government’s decision to reduce stamp duty by 50
percent on properties would help boost property investments by the middle
income group.
Another decision to offset existing housing loans from money accrued in
Account II of the Employees Provident Fund (EPF) would help to reduce
non-performing loans, he said.
“This will decrease the number of properties being auctioned and
clients being blacklisted,” he added.
Soma Sundram also spoke on the Malaysian Annual Real Estate Convention
2008, an event organised annually by MIEA.
Next year’s convention will be held from Jan 11 to 13 at the Sime Darby
Convention Centre here.
Themed “Regionalising the Malaysian Market — The Reality of Getting
There”, the event is expected to attract about 600 participants.
The convention is aimed at providing participants with the latest
information and exposing them to property developments in Malaysia and the
international market. — BERNAMA

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