KUCHING: The 2024 Budget has introduced several housing initiatives to make sure everyone can afford their own home.
PropertyGuru Malaysia country manager Sheldon Fernandez, praised the government for setting aside RM2.47 billion for public housing next year.
“We applaud the announcement of RM 546 million allocated for the continued development of 36 People Housing Programmes (Program Perumahan Rakyat, PPR), including a new project in Kluang, Johor.
“The increase in supply of affordable homes will be key in stabilising the existing property market.
“We also support the government’s initiative to allocate RM460 million to provide assistance to approximately 65,000 needy people in rural areas for development of new homes or the repair dilapidated units, along with RM100 million set aside for the maintenance of low and medium-cost public and private stratified housing across the country.
“These targeted initiatives will greatly improve the quality of life for underprivileged Malaysians, ensuring comfort and safety in their own homes,” he said in a statement today.
Fernandez shared that a PropertyGuru report from 2023 showed that there is a mismatch between consumer demand and property prices, with continued resistance from potential homebuyers towards higher asking prices.
“We welcome the government’s decision to impose a 4 per cent stamp duty on any housing transactions by non-Malaysians or private foreign organisations, excluding permanent residents as a measure to control property prices in the local market.
“There’s also more allocations, RM10 billion, for the Housing Credit Scheme, helping 40,000 locals. This can make owning a home a reality for many,” he said.
He also gave a thumbs up to the RM1 billion fund to bring dead housing projects back to life, as directed by the Ministry of Local Government Development (KPKT).
“This initiative will benefit consumers who previously invested in such developments,” he said.
