25 Oct '13, 12pm

PropertyGuru Expert Blogs - Moving towards a more protectionist policy

The new budget announced by Malaysian Prime Minister Najib Razak will have a significant impact on its property market, foreign investors and government coffers. The measures are multi-pronged which is meant to gain back ground that Barisan Nasional (BN) lost during the recent election. Foreign property purchasers will be significantly impacted as the real property gains tax (RPGT) hikes are quite hefty. The RPGT for the first two years has been increased from 15 to 30 percent. The rate has also been increased to 20 and 15 percent respectively from the fourth and fifth years. Previously it was 10 percent during the third to fifth year and no tax after five years. These measures will deter speculation and will affect the subsale and resale markets. Foreign investors will have a hard time offloading their properties. Meanwhile, bumiputras can only sell in the resale market t...

Full article: http://www.propertyguru.com.sg/blog/tag/moving-towards-a-...

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