Selangor MB hopes stamp duty exemptions will increase home ownership among youths

GOMBAK: Selangor Mentri Besar Datuk Seri Amirudin Shari hopes that the recent extension of the stamp duty exemptions for first-time house buyers will help increase home ownership among young people in the state.

Amirudin said that the extension of the exemption could prove to be the push for young adults to finally own a home in Selangor.

"Stamp duties make up a substantial cost, especially for young couples or families looking for a home.

"By having them exempted, I hope that it will encourage more active house buying from the community," he said at a press conference after attending the Selangor National Youth Day Celebrations 2023 here on Sunday (June 11).

Amirudin added that he hoped the expected increase in home purchases would help revitalise the state's construction industry.

"This will help to clear up a lot of the 'hung' property projects that have been completed in the Klang Valley," he added.

The Finance Ministry recently announced the extension of the 100% stamp duty exemption for purchases not exceeding RM500,000 for first-time home buyers on June 9.

The ministry said the 75% stamp duty exemption for houses priced at between RM500,000 and RM1mil for first-time buyers would also be extended.

The extension will see stamp duty exemptions apply for sale and purchase agreements executed from June 1, 2022 until Dec 31, 2023, while also applying to real estate transfer documents executed from April 1, 2023.

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