One of the most prominent introduction to Budget 2019 is property crowdfunding and this initiative according to Tun Dr Mahathir is the drive to build one million affordable houses in 10 years as promised in Pakatan Harapan manifesto.
Here are the highlights for Budget 2019 relating to property industry:
- To launch airport REIT (Real Estate Investment Trust)
- RPGT (Real Property Gains Tax) for houses. Tax on citizens 5% after 5 year holding period, for foreigners, increase from 5% to 10%.
- Property Stamp duty from 3% to 4%.
- P2P lending/ crowdfunding. A buyer can purchase a home worth RM250,000 by paying only RM50,000 while the balance is financed by investors through the peer-to-peer scheme.
- Pangkor and Penang port cruise centre to be duty free.