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Property News COVID-19: More Property Auctions and PRIHATIN Package

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Expect More Property Auctions as Economy Weakens

There may be more pressure on Malaysia’s economy affecting the housing property market resulting in more properties expected to be put up for auction in the near future. This is due to the present COVID-19 pandemic and the Movement Control Order (MCO).

Ohmyhome’s Real Estate Negotiator, Vince Lai, shares his thoughts on what could help in times like this. He said, “Stamp duty reduction or waiver will definitely help to boost activities in the market. Buyers will need more incentives to buy now versus later.”

Source: Edgeprop MY


PRIHATIN Package May Not Be Enough to Help Businesses

According to Fitch Solutions Country Risk and Industry Research, most businesses will not be able to qualify for the wage subsidy scheme in the government’s PRIHATIN stimulus package.

Wage subsidies only apply to the lower-income workforce earning below RM4,000. Businesses have to prove that their revenues have contracted by at least 50% in the year-to-date of the application.

The stimulus package is not as robust as the ones in China and Singapore, which have far more generous schemes, rental waivers, property tax reductions and a freeze on government fees and charges.

Ohmyhome’s Real Estate Negotiator, Eric Cheah said, “The package will help some, no doubt, but a major percentage of employees aren’t able to enjoy the coverage. Perhaps the government could use more funds to prevent an economic meltdown, like providing precise cash support to companies – this helps prevent collapses and safeguard businesses.”

Source: Edgeprop MY

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