Calls for government to drive real estate market

group managing director and chief executive officer Datuk Seri Fateh Iskandar Mohamed Mansor said there were no catalysts for the property market under the revised Budget 2023 that was tabled last Friday.

Under the HOC initiative, first-time homebuyers were able to enjoy full stamp duty exemptions for residential properties up to RM1mil and partial stamp duty exemptions for those priced between RM1mil to RM2.5mil.Meanwhile, Tourism, Arts and Culture Ministry deputy secretary general Datuk Mohd Zamri Mat Zain noted that before the pandemic, Malaysia’s tourism industry had been growing steadily over the years.

“Since the reopening of our borders on April 1, 2022, Malaysia has successfully welcomed a total of 10.1 million foreign tourists, generating RM28.2bil in tourism receipts in 2022,” Mohd Zamri pointed out. “In order to accommodate the increasing number of visitors, tourism infrastructure like hotels, resorts and entertainment venues will need to be increased, which creates a big potential for property developers,” Mohd Zamri highlighted.

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