KUALA LUMPUR: The Malaysian Institute of Professional Estate Agents and Consultants (MIPEAC) has urged the government to extend the incentives under the Home Ownership Campaign (HOC) to the secondary market.

Its president, Francis S P Loh said the incentives offered during the HOC, which will run until May 31, 2021, should be extended to first-time house buyers looking to buy from the secondary market, which constitutes the bulk of the property market.

The secondary market refers to previously owned properties, while the primary market refers to new properties by developers.

“The HOC will give the property market a boost, and if the exemptions and incentives are also extended to the secondary market, this will allow the market to be more active and will positively impact the economy as a whole,” Loh said in a statement today.

According to the data from the National Property Information Centre, the secondary market accounted for 80 per cent of all property transactions in 2019.

The government had decided to reintroduce the HOC under the National Economic Recovery Plan (Penjana), offering stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 and RM2.5 million.

It also offers a full stamp duty exemption for loan agreement effective for sale and purchase agreements inked between June 1, 2020 and May 31, 2021, subject to at least a 10 per cent discount provided by the developer. – Bernama