GEORGE TOWN: The 2021 budget is expected to give a big push to the housing market and enable more Malaysians to own their first home, according to a real estate group.

International Real Estate Federation Malaysian Chapter immediate past president Michael Geh said the five-year extension of the stamp duty exemption, aimed at reviving abandoned projects, would benefit both contractors and house buyers.

Geh, who is also senior partner of Raine & Horne, said the stamp duty exemption for the memorandum of transfer and loan agreement would stimulate and move both primary and secondary markets in the property market sector.

“The strong emphasis on affordability by home buyers in the budget will bring the Malaysian House Price Index downwards to levels that are affordable to most people.

“The next five years would be the best time for Malaysians to buy their first home,” he told Bernama today.

Finance Minister Tengku Zafrul Aziz, in his maiden budget speech yesterday, proposed a full stamp duty exemption to be given for deeds of transfer and loan agreement for the purchase of the first house worth up to RM500,000 to encourage home ownership.

He said the exemption is applicable for the sale and purchase agreements on purchases that are completed from 1 Jan 2021 until 31 Dec 2025.

Tengku Zafrul said the federal government would also extend the stamp duty exemption on loan agreements and deeds of transfer given to rescue contractors and original buyers of abandoned houses for another five years.