KUALA LUMPUR, Oct 22 — The target for the construction of 500,000 affordable homes (RMM) has reached 89 per cent, with 443,259 units completed, under construction, and planned nationwide as of September.
The Housing and Local Government Ministry (KPKT) said the remaining 56,741 affordable housing units are expected to be completed by the end of the 12th Malaysia Plan.
“Based on data from the National Property Information Centre, there has been a significant increase in property management activities in the first half of 2024 compared to 2023.
“There has been an eight per cent increase in the number of transactions this year, involving 198,906 property units, with a total value rise of 23.8 per cent to RM105.65 billion compared to 2023,” it said in a written reply to a question from Kuala Kangsar MP Datuk Iskandar Dzulkarnain Abdul Khalid on the Parliament's website.
Taking into account the encouraging performance of the Malaysia Home Ownership Initiative that ended in December, KPKT has requested the government's consideration to continue this initiative so that more buyers, especially those from the low-income and middle-income groups, can benefit.
“According to reports from the Inland Revenue Board, as of December 31, 2023, a total of 8,723 claims for stamp duty exemption worth RM38,373,796.52 were recorded,” it said.
The government also continues to implement the Home Ownership Campaign 2.0 from January 1, 2021, to December 31, 2025, which offers stamp duty exemptions on instruments of transfer and loan agreements for new homes or secondary market properties valued at RM500,000 and below.
Budget 2025 allocates additional incentives to encourage first-time homeownership, including individual tax relief on housing loan interest payments, which amounts to tax relief of up to RM7,000 for residential properties priced up to RM500,000, and tax relief of up to RM5,000 for homes priced between RM500,000 and RM750,000.
“This relief can be claimed for three consecutive Years of Assessment on sale and purchase agreements completed between January 1, 2025, and December 31, 2027,” KPKT said.
— Bernama
