The increase in the Overnight Policy Rate (OPR) is unlikely to dampen public interest in purchasing affordable homes during the Jom Beli Rumah Carnival 2022, which takes place this weekend.

The Monetary Policy Committee of Bank Negara Malaysia (BNM) decided on July 6 to raise the OPR, which is the benchmark for loans and savings, by 25 basis points, or 0.25 per cent, to 2.25 per cent.

It is the second consecutive increase this year, following a 25 basis point increase to 2.00 percent in May.

According to Housing and Local Government Ministry (KPKT) secretary-general Datuk M. Noor Azman Taib, the main attraction at the three-day carnival, which begins this Friday, is the selling price, which is less than RM300,000.

He said that there will be 10,000 affordable houses available for sale at a ‘below market price.’

“The market price of a house in Kuala Lumpur may reach RM400,000, but you will be buying a house below market price (at the carnival),” explained Noor Azman.

The carnival is expected to attract 20,000 visitors, according to Bernama.

Aside from the low selling price, various incentives and rebates, such as stamp duty exemption until 2025, will be offered.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in tabling the 2021 Budget announced the implementation of a full stamp duty exemption on transfer instruments and loan agreements for first-time homebuyers on residential properties priced RM500,000 and below.

Karnival Jom Beli Rumah is organised by the Real Estate and Housing Developers’ Association (Rehda) Malaysia, together with KPKT and Media Prima Omnia Bhd.

It will be held from July 15 to 17 in Hall 1 at Mid Valley Exhibition Centre, Kuala Lumpur.

Source, New Straits Times, 12 July 2022