The residential sector accounted for 61.8 percent of these transactions
The Star reports that Malaysia’s property sector will be seeing stronger YoY earnings next year on the back of developers’ strong unbilled sales and increased property launches.
Other factors include improvement in labour supply, easing of raw material prices, the absence of the one-off prosperity tax, and pent-up demand, according to UOB Kay Hian Malaysia Research (UOBKH).
Industrial properties and overseas projects will give companies an advantage over their competitors. As a result of ongoing economic growth and US-China trade divergence, multinational companies are likely to accelerate their production relocation plans and therefore, industrial lands are likely to be in high demand.
Additionally, electronic devices, healthcare, and e-commerce sectors are driving global demand for industrial land.
Meanwhile, in data provided by the National Property Information Centre (NAPIC), there were 105,204 transactions, amounting to MYR46.6 billion (USD10.5 billion), in Q3 2022, up 12.6 percent from the previous quarter.
RETalk Asia expanded on this and mentioned in the report that the residential sector accounted for 61.8 percent of these transactions while the agricultural, commercial, and industrial sectors contributed 21.9 percent, 8.1 percent, and 2.1 percent, respectively.
“With the government support for 1st time home buyers on stamp duty savings for both the primary and secondary market, i.e. the stamp duty exemption on the instrument of transfer and loan agreement for houses worth between MYR500,001 (USD112,701) to MYR1 million (USD225,403) will be increased to 75 percent from the current rate of 50 percent, effective until 31 December 2023. This is on top of the 100 percent stamp duty exemption for houses below MYR500,000 (USD112,701). This is aimed at further encouraging ownership of first homes,” said Christopher Chan, senior associate director for Laurelcap Group.
Additionally, the projected growth in the population and the rise of higher-income households will boost growth further.
According to him, with the new unity government in place, there is now a stronger government and the economy will benefit from sensible and good policies that will promote the real estate sector and the economy.
The Property Report editors wrote this article. For more information, email: [email protected].
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