Introduction to Budget 2024

All the efforts drawn up will follow every priority and benchmark of the MADANI Economy which is broken down into three main focuses which are:

1. Best governance for efficient service
2. Restructuring the economy to bolster growth
3. Improving the people’s standard of living
4. Budget 2024 is Malaysia’s largest-ever budget, at RM393.8 billion.

The increased allocation totals RM7.7 billion, representing a significant boost from the previous budget.

• Finance, Education, and Health: 42.3%
• Social sector: RM149.7 billion
• Economy sector: RM66.7 billion
• Security sector: RM40.1 billion
• General administration: RM16.9 billion

Prime Minister Anwar Ibrahim has stated that the government has taken on a debt and liabilities burden amounting to RM1.5 trillion, equivalent to 82% of the country’s GDP.

Real Estate Highlights

1. Advancement of PPR projects
   An allocation of 546 million ringgit is dedicated to advancing 36 Public Housing Programs (PPR), including the initiation of a new project in Kluang, Johor. Additionally, 15 PPR projects are anticipated to reach completion in the coming year, benefitting approximately 5,100 prospective residents.
2. Housing units under Rumah Mesra Rakyat
   Under the Rumah Mesra Rakyat Programs, a total of 14 initiatives continue to progress, with an allocation of 358 million ringgit, focused on constructing 3,500 housing units.
3. Budget allocation for homes in rural areas
   To assist approximately 65,000 underprivileged individuals in rural areas in building new homes or repairing existing ones, the government has allocated 460 million ringgit.
4. Allocation for maintenance and repairs
   A sum of 100 million ringgit has been earmarked for the maintenance of low and medium-cost stratified public and private housing developments nationwide. This encompasses critical repairs to water tanks, roofs, wiring systems, and the installation of closed-circuit cameras.
5. Enhancement of Skim Jaminan Kredit Perumahan (SJKP)
   To benefit 40,000 borrowers, the government will enhance the Skim Jaminan Kredit Perumahan, allocating up to 10 billion ringgit for the SJKP program.
6. Flat rate for stamp duty
   As a means to regulate real estate prices, the Government is proposing a flat rate of 4 percent for stamp duty on the transfer of real estate ownership by non-citizens and foreign-owned companies. This excludes individuals who hold permanent resident status in Malaysia.
7. Revised stamp duty structure for ownership transfer
   Commencing in 2024, the Government is introducing a revised stamp duty structure for instruments related to the transfer of real estate ownership involving beneficiaries who are renouncing their rights in accordance with a will, faraid, or the Partition Act 1958. This adjustment will entail a fixed stamp duty fee of 10 ringgit, replacing the previous ad-valorem rate.
8. Relaxed requirements for Malaysia My Second Home (MM2H)
   The government has also decided to ease the current requirements for Malaysia My Second Home (MM2H) applications in a bid to attract more foreign tourists and investors to Malaysia.

This enhancement of the MM2H program is anticipated to bolster investment activities within the Malaysian financial market and stimulate growth in the country’s real estate sector.

Outlook for 2024

The 2024 budget will mark a pivotal moment for the nation’s economic development, with the government expected to introduce robust policies to provide substantial assistance to the people.

This budget is anticipated to fuel sustained economic development and contribute positively to the nation’s prosperity and the well-being of its citizens.

As we await the budget announcement, we look forward to witnessing the potential positive impact on the real estate sector and various key industries, paving the way for progress and growth.

Acara yang dianjurkan oleh Persatuan Pemaju Hartanah dan Perumahan Malaysia (REHDA) Selangor itu akan berlangsung dari 26 hingga 28 April 2024 di Pavilion Bukit Jalil bagi menjanjikan platform untuk peneraju industri, pelabur dan pembeli rumah meneroka masa depan hartanah.

Pengerusi REHDA Selangor, Datuk Zaini Yusoff, berkata MAPEX Selangor 2024 menyasarkan untuk melebihi jangkaan dengan menawarkan pengalaman yang pelbagai bagi menampilkan pameran dan ceramah untuk mencerahkan peluang rangkaiannya.

“Dengan tumpuan kepada inovasi, kerjasama dan pertumbuhan, acara ini bersedia untuk mentakrifkan semula kejayaan dalam pasaran hartanah.

“Sama ada untuk pelabur berpengalaman atau pembeli rumah kali pertama, acara ini merupakan pintu masuk perhubungan dan peluang dalam membentuk masa depan pelaburan hartanah,” katanya pada sidang media di sini hari ini.

Zaini berkata, MAPEX Selangor 2024 menjanjikan pemandangan landskap di rantau ini daripada kondominium mewah sehingga pembangunan perumahan mampu milik yang direka dengan teliti.

“MAPEX Selangor 2024 akan menjadi tuan rumah kepada siri ceramah bagi menerangi pelbagai aspek industri termasuk trend pasaran termaju, strategi pelaburan dan amalan pembangunan mampan.

“Organisasi ini mempunyai keahlian sebanyak 1,022 ahli, membentuk cawangan terbesar dalam REHDA, yang mempunyai keahlian keseluruhan sebanyak 1,800,” katanya.

Themed “Membangun Malaysia Madani”, Anwar, who is also the Finance Minister, stressed the government’s aim is to alleviate the rakyat’s struggles amidst the economic challenges, while ensuring a sustainable fiscal growth for the nation.

Houses for the rakyat

In line with that, there was a list of allocations for affordable housing programmes:

1. RM389.5 million to build People’s Housing Project (PPR) and People’s Rented Housing Programme
2. RM358 million to build 4,250 Rumah Mesra Rakyat units
3. RM463 million to build Malaysia Public Housing Project (PPAM)
4. RM50 million to repair run-down lifts in low-cost strata houses
5. RM460.2 million for building new and renovating houses in rural areas
6. To build 7 million units of affordable houses for armed forces under Satu Anggota Satu Rumah programme (SASaR)
7. More than RM500 million to maintain Rumah Keluarga Angkatan Tentera and repair the living quarters and institutions under the Ministry of Home Affairs

Stamp duty exemptions for first homes maintained

For first-time homebuyers, the following measures announced in the October budget have been maintained as follows:

1. Full stamp duty exemption for homes priced RM500,000 and below
2. 75% stamp duty exemption for homes priced between RM500,001 and RM1 million

Housing credit guarantee scheme increased

The housing credit guarantee scheme has been given an allocation of RM5 billion to help up to 20,000 borrowers with no fixed income from the gig economy to get loans. This is a significant increase from the RM3 billion budgeted in October.

Stamp duty on property transfer by way of love and affection revised

The stamp duty of only RM10 for transfer of properties between parents and children, and grandparents and grandchildren, which was proposed in the October budget, has been revised to the following:

1. First RM1 million – full exemption
2. Balance above RM1 million – subject to an valorem duty rate and given 50% discount

They are applicable for transfers signed from April 1 this year, and only where the recipients are Malaysian citizens.