PETALING JAYA: Housing experts are urging Malaysia to implement a vacancy tax to address rising vacant and unsold homes, which fuel speculation and inflate property prices. Experts from Khazanah Research Institute noted that housing prices rose 5.8% annually from 2010 to 2022, outpacing healthy growth. A vacancy tax could deter investors from holding empty units, encouraging development that meets actual demand. In 2020, Selangor and Penang reported nearly 20% vacant homes, with 22,642 unsold units worth RM14.24 billion by mid-2024. Countries like Canada and Singapore use similar taxes to stabilize markets.
Vacancy tax
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