New data from Juwai IQI reveals that Malaysia’s renewed Home Ownership Campaign (“HOC”) is successfully boosting first-time and Bumiputera buyers, with 91.4% of real estate agents surveyed in agreement.
Just 2% of agents surveyed believe the campaign is reducing first-time buyer activity. Only 6.5% of agents believe the homeownership campaign has no impact either way on first-time buyer activity.
Juwai IQI Group Co-Founder and CEO Kashif Ansari said:
“Because of the pandemic and the related economic slump, the government has reactivated the Home Ownership Campaign. It exempts buyers from stamp duty on the instruments of transfer and loan agreement when they buy a home worth from RM300,000 and RM2.5 million. Developers who list properties under the HOC scheme also must discount the listing price by at least 10%, so the buyer is getting a good deal. Today’s extremely low interest rates are compounding the benefits of the program by further reducing your monthly mortgage payments.
Muhazrol Muhamad, Head of Bumiputera Segment at Juwai IQI’s subsidiary, IQI, said:
“I believe that Bumiputera buyers are benefitting most from the HOC, simply because they account for more than two-thirds of the population. I estimate that the extension of HOC will contribute to a higher number of enquiries and transaction from the Bumiputera market in the first quarter of 2021.
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Source: Property Hunter, Kopi and Property.com
