Property stakeholders hope for measures that promote homeownership
Contributed by Sulaiman Saheh
As we enter October, much discussion surrounds the upcoming Budget 2025, with the hope that it will sustain the recent growth momentum. In a landscape of rising living costs and increasing demand for affordable housing, various stakeholders in the property sector are seeking targeted measures to promote homeownership, enhance property accessibility and stimulate further market growth. Homebuyers are particularly interested in what new or returning incentives may help them pursue their dream home amidst tight spending and cautious sentiment.
In addressing housing affordability, it is expected that the government will continue and enhance existing programs like the PR1MA Housing Programme, Projek Perumahan Rakyat (PPR) and Syarikat Perumahan Negara Bhd (SPNB) housing initiatives. While raising income levels, particularly disposable income, is essential, improving access to homeownership - whether for landed homes or high-rise condominiums, apartments, or serviced apartments - requires reducing barriers to entry. The focus on the B40 and M40 groups should continue, with particular attention to the M40, who are at risk of becoming the urban poor.
Prices and entry barriers could be lowered through special programs such as the Home Ownership Campaigns (HOC), where developers offer special price discounts, a strategy that has successfully boosted the market in the past. This would also help reduce the overhang of unsold properties. However, as these campaigns result in revenue losses for the government through stamp duty exemptions, the primary beneficiaries should be first-time homebuyers.
