Stop Speculating In Property Market - Abdul Rahman
Date：2014/12/10
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KUALA LUMPUR -- Speculators are reminded to stop making speculation on property prices which gives the impression that there is easy profit investing in the housing sector as by doing so, property prices will soar.
Minister of Urban Wellbeing, Housing and Local Government Datuk Abdul Rahman Dahlan said housing was a sensitive issue among the people in this country and speculation in the property sector was not good.
"That is why I have always emphasised to Property Guru (website relating to matters on Malaysian property), that they cannot speculate on property investment.
"Speculate in the stock market or any other investment instruments but not on house prices as housing is sensitive and so critical to the people," he said.
He was replying to a question from Senator Tan Sri Abdul Rahim Abdul Rahman on problems of real estate speculation at the Dewan Negara sitting here Tuesday.
Abdul Rahman said the ministry had implemented various initiatives to address the issue of speculation, among others, by increasing the real property gains tax (RPGT).
"The RPGT has already been raised in the 2014 Budget, wherein for individuals, 30 per cent will be imposed if a house is sold within three years, 20 per cent within four years, 15 per cent within five years and so on until zero per cent," he said.
Abdul Rahman said the ministry would review the RPGT with Bank Negara from time to time.
He said in the current situation there was a decline in the rate of increase in house prices when in the second quarter of this year it recorded 6.6 percent compared to 11.6 per cent last year.
"A decline of five per cent, it means that the increase in house prices is slowing to more sustainable level," he said.
In replying to a question from Senator Datuk Adam Abdul Hamid, Abdul Rahman said the government intended to use a billing system for solid waste management for every household in future.
This is to ensure that the people would reduce the amount of solid waste and in addition, help the local authorities implement the best solid waste management system, he said.