KUALA LUMPUR: The local housing industry is slated for a revival following the return of buying interest, particularly for affordable homes, said Deputy Housing and Local Government Minister Datuk Peter Chin Fah Kui.
He said the government’s RM8.1bil economic stimulus package in May had provided the impetus to drive the sector’s growth, and developers had reported better sales.
“The construction and property industry is a very important component of the economy, spawning 126 other sub-industries and contributing about 24% of the country’s gross domestic product,” he said after a tour of Homedec (Home and Decoration Exhibition) 2003 here yesterday.
He said the various measures, including exemption of real property gains tax, stamp duty waiver, tax relief and savings on housing loan interest, would spur demand.
With foreigners eligible to buy property priced from RM150,000, instead of the previous RM250,000, Chin said: “We also expect to see greater interest from foreign buyers.”
Chin also pointed out that the ministry was setting up a one-stop agency to co-ordinate and speed up the issuance of the Certificate of Fitness.
Organised by CIS Network Sdn Bhd, the exhibition, being held at the Mid Valley Exhibition Centre here until Sunday, showcases a wide range of home and interior decoration products by more than 100 exhibitors.
A seminar on home renovation, new trends and outdoor living would also be held over the weekend.