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Zerin Properties chief executive officer Previn Singhe said the residential sector, especially the sub-RM500,000 market, has demonstrated resilience in the first six months of this year (1H25).
“This sub-segment has anchored overall residential activity in a period of broader moderation. While the total residential sector saw a marginal easing in volume and value year-on-year, demand in the affordable segment remains robust,” he told StarBiz.
Previn noted that this sub-RM500,000 segment accounted for the overwhelming majority (77.4%) of all transactions in the 1H25, underscoring its critical role as the market’s foundation.
“This demand concentration has supported broad price stability, reflected in modest gains on the national house price index.
“On the supply side, developer caution is evident in reduced launch volumes, though a steady sales rate for well-conceived projects and a persistent pool of completed, unsold affordable units highlight a market in need of more precise product matching.”
Looking ahead, Previn described the extension of the stamp duty exemption – announced under Budget 2026 earlier this month – as a timely intervention that will solidify the demand foundation for the remainder of 2025 and beyond.
“We anticipate this will sustain resilient transaction levels within the sub-RM500,000 segment by directly addressing the key barrier of upfront costs.
“The secondary market and the absorption of completed unsold stock are poised to be the immediate beneficiaries.”
Apart from the budget, the 13MP, which was tabled in Parliament on July 31, also saw the government announcing plans to develop one million affordable housing units between 2026 and 2035.
Savills Malaysia Sdn Bhd group managing director Datuk Paul Khong considers measures under the 13MP and Budget 2026 as a boon for first-time homebuyers.
“These (initiatives) will help the rakyat own their own first homes. The action is laudable and obviously well received.
“The latest extension of the exemption in the budget will be helpful but is specifically targeted at just residential properties priced below RM500,000 and valid through 2027 only.
“However, 77% of the total residential transactions fall under this category.”
Khong, however, believes the impact on the broader property market will be relatively small.
“This is as the transacted values are lower and stable, while volume is substantial.
“At RM500,000, this stamp duty exemption is worth about RM9,000 max per transaction for the memorandum of transfer, plus probably RM2,000 for the loan agreement.”
For the exemption to deliver its maximum impact, Previn said a corresponding focus on supply would be crucial.
He emphasised that the policy’s success would be amplified by ensuring that well-located, affordable units matching first-time buyer preferences reach the market efficiently.
“This calls for fast-tracking development approvals for such projects, applying calibrated density for transit-oriented sites to improve viability and creating clear pathways to absorb the existing pool of viable but completed unsold units.
“A coordinated approach between demand-side incentives and streamlined supply will be key to fully realising the benefits of this extension.”
Going forward, for the primary market, Previn expects developers to maintain a disciplined approach, focusing on launches within the RM300,000 to RM500,000 range – particularly in transit-oriented and established locations where buyer demand is strongest.
“The trajectory for the rest of 2025 will be determined by two critical factors: the rate of absorption for existing affordable stock and the pace at which new, well-priced supply can be brought to market.
“Given the current environment of stable pricing, orderly financing, and now, reinforced policy support, our base case is for steady to slightly improved activity in the below RM500,000 segment for the remainder of the year.
“The upside potential is most pronounced in regions where supply, whether new launches or existing units, closely aligns with first-time buyer preferences; and where development approvals are expedited,” said Previn.
