First-time homeownership is top priority for real estate industry in Budget 2022 – Juwai IQI

by BERNAMA / pic by TMR FILE

KUALA LUMPUR – Real estate technology group, Juwai IQI said the top priority for the Malaysian real estate industry in the upcoming Budget 2022 is to focus on supporting first-time homeownership.

Group co-founder and chief executive officer, Kashif Ansari said based on its recent survey, real estate agents across the country would like to see more focus on making it easier for first-time and lower-priced buyers to acquire their own home, as well as the financial security and wealth building opportunities that go along with homeownership.

“The three measures that are most popular with the real estate industry are doing more to support first-time buyers, providing stamp duty relief, and reinstating the Home Ownership Campaign (HOC).

“Each of these was the top priority for 18 per cent to 19 per cent of the industry surveyed, that is nearly one out of every five agents,” he said in a statement today.

Kashif noted that the industry’s top priorities differed by state whereby in Penang, Sabah and Sarawak 27 per cent of respondents were in favour of extending the HOC.

“That is nine percentage points higher than the national level. Nationally, only 18 per cent of agents call the HOC the top priority.

“Reintroducing Malaysia My Second Home scheme was the first priority for nine per cent of agents nationally but was not a priority for any agents in Penang, Sabah or Sarawak,” he added.

Meanwhile, Kashif expects Budget 2022 to sum up the government’s goals and expectations and be one of the most important measures it put into effect this year.

“Budget 2021 was about fighting COVID-19 and we expect Budget 2022 to finish that fight and then return the country to sustainable economic growth once the pandemic is behind us.

“If we can help young buyers obtain the security of owning their own home, we can ensure that the pandemic years were not lost years,” he said.