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No plan to control property prices in Malaysia: Government

Apr 27, 2012
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The Malaysian government revealed that it has no plan to implement specific laws that will control residential and property prices in the country, according to a report by Bernama.

Datuk Seri Lajim Ukin, Deputy Minister of the Housing and Local Government, noted that home prices were determined by market forces.

"Although there is no specific act to control the rise in house prices, the government can still implement various control mechanisms to ensure that the increase is reasonable and will not affect the people as a whole," the minister stated.

Meanwhile, the government would continue monitoring the condition and, if necessary, implement further fiscal measures to ensure that the people were not burdened by the increase of home prices.

Among the mechanisms imposed to control property prices include raising real property gains tax from five percent to 10 percent for properties disposed of in less than two years and keeping a five percent rate for properties disposed of within a period of between three and five years.

"This tax increase is a move by the government to control the rise in house prices through pressure from speculation," he said.