Realtors seek stamp duty exemption for first homes up to RM1mil

The government's 2027 budget has introduced a stamp duty exemption for first-time homebuyers, exempting the first RM500,000 of a property priced up to RM750,000 and offering a 50% reduction on the remainder. Real Estate and Housing Developers Association president Zaini Yusoff has urged the government to extend the stamp duty exemptions to properties valued up to RM1 million.

Yusoff emphasized the importance of ongoing measures to address rising development costs, particularly in construction materials, labor, and regulatory compliance, to mitigate the financial strain on prospective homeowners. While welcoming the expansion of the stamp duty exemption to properties up to RM750,000, announced in the 2027 budget, Yusoff welcomed the government's consideration of revisiting the eligibility threshold based on prevailing house prices and market conditions.

He also advocated for a reassessment of charges imposed by both federal and state governments, encompassing infrastructure, utility, statutory, regulatory, and compliance fees. Additionally, Yusoff suggested the potential revival of the previous home ownership campaign, which was discontinued at the end of 2022 and provided waivers on loan agreements, a minimum 10% rebate, and various complimentary perks.