KUALA LUMPUR, Oct 10 (NNN-Bernama) — Malaysian Budget 2023 will support the country in outperforming many larger economies next year, according to Asian real estate technology group Juwai IQI.
Its co-founder and group chief executive officer Kashif Ansari said the country has positioned itself well for this environment, in which commodity prices are high, due to its production of oil, gas and other commodities.
“Europe and, to a lesser extent, North America face a significant risk of recession in 2023. In Malaysia, we expect the Gross Domestic Product to grow by 4.5 per cent.
“That’s lower than this year’s growth of about 6.5 per cent but it’s still excellent by global standards,” he said in a statement.
According to him, the headwinds Malaysia will face in 2023 are minor compared to those facing Europe.
“Disruptions in Asia ex-China have been less significant than in the West. Malaysia also gets strong support from its high-performing commodity, semiconductor, electrical, and electronic industries,” he added.
Juwai IQI welcomed the budget measures intended to make housing ownership and purchase more affordable and equitable across all parts of society.
“The budget dedicates about RM2.1 billion directly to making housing more affordable and equitable, which accounts for about 2.2 per cent of total spending.
“The budget’s housing provisions include stamp duty exemptions, a housing guarantee for vulnerable workers, and the construction of subsidised new homes for rural residents and others,” he said.
Kashif noted the reduction of stamp duty to just RM10 on the transfer of property within families will help Malaysian families build wealth and financial security through property ownership.
Meanwhile, he said the increase in stamp duty exemption from 50 per cent to 75 per cent for houses worth RM500,001 to RM1 million is one of those rare measures that will benefit both homebuyers and the housing industry.
“Buyers will benefit by saving RM15,000 on a RM750,000 purchase. The industry will benefit from increased demand for properties in this price range.
“This measure will reduce the supply overhang, stimulate much-needed new construction, and help many worthy families into their new homes,” he said.
The new exemption complements the already in-place stamp duty exemption for houses valued up to RM500,000 until the end of 2025.
He also said the additional RM3 billion dedicated for the Housing Credit Guarantee Scheme for gig workers, freelancers, and small businesses/entrepreneurs will enable many more in this category to purchase homes.
— NNN-BERNAMA