Budget 2017 observations and opinions

> Views of industry professionals on allocation for housing and property

THERE is always two ways (or more some say) to look at things. Since the recent announcement of next year’s budget, many have aired their opinions. The general consensus is that there is nothing much to shout about.

Although reports across media platforms quoted industry professionals who viewed the financial budget as “muted, relatively neutral in impact, not enough to excite the market, measures insufficient to stimulate the property market” and so forth – this writer is one who sees the glass as half full. With that, we run through Budget 2017 and changes to expect in 2017 where property is concerned, along with views of various industry authorities. to encourage home ownership, it also provided for railway lines and trains to help boost connectivity, growth, domestic demand and the economy. “The 2016 budget was crafted to help raise GDP to 5% in 2017 as opposed to the unexpected growth of 4% to 4.5% in 2016.” On the recent budget announcement, Lau felt that the government has continued to restrain spending, “budgeting for a 3% fiscal deficit”. Her overall view – “It accelerates growth, ensures fiscal prudence and enhances the well-being of the rakyat.”

Sharing his view, IJM Corporation Berhad CEO and managing director Datuk Soam Heng Choon said: “We applaud the government’s effort to provide more affordable housing projects catering to both the B40 and M40 group. The step-up financing proposal for PR1MA homes will further encourage higher eligibility for loans to enable ownership. First-time home buyers will further benefit from the 100% stamp duty exemption for the first RM300,000 for purchase of property RM500,000 and below.”

REA Group’s international COO Arthur Charlaftis however commended the government in taking measures to assist first-time home buyers via the “step-up” endfinancing scheme and increasing the number of affordable houses. “Budget 2017 has certainly made it easier for first-time home buyers to own a home. Even though the Developer Interest Bearing Scheme was not reintroduced and no new measures were crafted to curb escalating house prices, the government has introduced other measures to make it easier for firsttime home buyers to get into the property market,” he said.

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