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KUALA LUMPUR: The reintroduction of the stamp duty exemption for first-time homeowners is expected to have a minimal impact on the overall property market but it should help to spur transactions within the primary residential market.

PPC International managing director Datuk Siders Sittampalam said the incentive is timely, given the rising borrowing cost due to higher interest rates.

“The exemption will have a positive impact on the market, given the higher overnight policy rate (OPR), which has been raised by 50 basis points so far this year.

“There is talk it could be raised further. So, the stamp duty waiver will augur well for the primary market and help to unload new supply,” he told StarBiz.

Earlier this month, Bank Negara raised the OPR to 2.25% with the aim of cooling the inflation and normalising the policy rate.

Siders added that the property market is currently subdued, in light of factors such as rising inflation and the weaker ringgit.

“Consumer sentiment is not at its best right now. Furthermore, this incentive does not apply to the secondary market. So it will still continue to be a challenging period for that segment.”

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Mah Sing Group Bhd founder and group managing director Tan Sri Leong Hoy Kum said the stamp duty exemption will encourage more home buyers to purchase their first home.

“For many Malaysians, owning a home is an ultimate aspiration. Unfortunately, due to financial constraints and the rising cost of living, obtaining appropriate financing has been a major hurdle for first-time buyers as well as young home buyers, which has been heightened especially during the current challenging period following the pandemic.

“However, with the government taking the important steps in steering the direction, we believe that all industry players and stakeholders will work together to ensure that the incentives will ultimately benefit the home buyers and propel the Malaysia property market,” he said in a statement.

PPC International managing director Datuk Siders Sittampalam said the incentive is timely, given the rising borrowing cost due to higher interest rates.

RHB Investment Bank said the stamp duty waiver is expected to boost demand slightly, especially for properties priced below RM500,000.

However, it said the waiver is anticipated to have a minimal impact on the overall property market, in light of the current economic headwinds.