All Eyes Set on Budget 2023

One of the major milestones in life for many young Malaysians is the moment to successfully purchase a home. Today between the job industry and the exorbitant price of many properties, Malaysians simply cannot afford to invest in homes. Most houses are unaffordable to the average Malaysian buyer, and they have chosen to defer their property buying decision from one to five years facing the hurdles in their home ownership journey. Many home seekers mentioned inability to find a property within their budget and unstable job situations as their top major deterrents.

More than 50% of Malaysians have been hard hit by property financing issues and feel they are not eligible with the existing government housing schemes. With consumers expecting prices to further increase due to inflation, uncertainties amid an increasingly challenging economy?and OPR (Overnight Policy Rate) hike, the government has to be forward-thinking to build resilience and focus on measures to tackle housing affordability:

• Introduce rental incentives which will be beneficial to both tenants and landlords.
• Housing schemes with government subsidies, can help developers reduce monthly repayments for homebuyers
• Income tax relief on home loans interest after the moratorium while Malaysians and the property market are still recovery stages.?

These government initiatives will alleviate the burden of homeowners towards the recovery and growth of the property sector. The property sector?looks forward to the announcement of Budget 2023 on 7 October, for?the benefit of Malaysian's who have been heavily impacted by the pandemic and also its future generation.

Potential homeowners stay connected with our friendly experts to ease the journey of owning a home via WhatsApp (https://propnex.psee.ly/RWBNQ), phone (+603 7954 2233) or email ([email protected]) today.