KUALA LUMPUR (Oct 9): The Real Estate and Housing Developers’ Association Malaysia (Rehda) has urged the government to consider extending stamp duty incentives for first-time homebuyers to properties priced up to RM1 million, as it welcomed measures under Budget 2027 aimed at improving housing affordability.
Rehda president Datuk Zaini Yusoff said the association welcomed the expansion of stamp duty exemptions for first-time homebuyers, including full exemptions on instruments of transfer and loan agreements for properties priced up to RM500,000.
Budget 2027 also provides enhanced relief for properties priced above RM500,000 and up to RM750,000, with a full exemption on the first RM500,000 and a 50% exemption on the remaining amount.
“These measures will help ease the upfront financial burden of aspiring homeowners. We hope the government will continue reviewing the eligibility threshold in line with prevailing house prices and market conditions, including considering an extension of the incentives to properties priced up to RM1 million,” Zaini said.
Rehda also welcomed stamp duty exemptions for the rehabilitation of abandoned housing projects, saying the measure could help revive stalled developments and provide relief to affected purchasers.
The association also backed the RM20 billion in housing financing guarantees under Syarikat Jaminan Kredit Perumahan, which is expected to benefit about 80,000 first-time homebuyers, particularly those with irregular incomes.
Rehda said access to end financing remained a key challenge for prospective purchasers.
It also welcomed the nearly RM1 billion allocation for Rumah Mesra Rakyat and Program Residensi Rakyat, as well as affordable housing initiatives involving PETRONAS and Bandar Madani Bukit Jalil.
On sustainability, Rehda welcomed the extension of investment tax allowances of up to 100% for qualifying green technology projects and assets until Dec 31, 2030, saying the incentives could encourage greater adoption of sustainable practices, particularly among smaller developers.
However, the association said rising construction material, labour and regulatory compliance costs continued to put pressure on housing affordability.
“More needs to be done to ensure a more holistic change in housing affordability, such as the review of all related charges imposed by the federal and state governments, including infrastructure, utility, statutory, regulatory and compliance charges,” Zaini said.
“These costs remain a challenge in developers’ efforts in addressing affordability, and we reaffirm our commitment to engage with the government and all relevant parties to meet this goal.”
Rehda also called on the government to reconsider reviving the Home Ownership Campaign, particularly to help facilitate the sale of completed unsold residential properties while widening homeownership opportunities.