"Property sector players encourage the government to extend this policy until December 2022. This policy is believed to be able to stabilize the condition of the 2022 property market," Novita noted in a written statement here on Tuesday.
The country manager remarked that the incentives provided by the government since March 2021 have proven to play a significant role in the economic turnover in the property sector.
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In the first three months, the stimulus is claimed to increase property sales between 10-20 percent, in terms of sales for low-income people (MBR), the middle, and also for high-income people. Given the positive impact of the policy, both incentives were extended until December 2021.
Apart from stimulus from the central government, regional governments also provide financial convenience through the easing of the Land and Building Rights Acquisition Fee (BPHTB). Each region stipulates different provisions regarding the easing.
"This policy will also be a key element in encouraging the property sector in 2022. It fulfills the aspirations of consumers in the Rumah.com Consumer Sentiment Survey in the second semester of 2021 that was held in the middle of the year. As many as 70 percent of the consumers expect the government to reduce the value of BPHTB to make it easier for them to acquire property," she affirmed.
PT Bank Tabungan Negara (Persero) Tbk had earlier supported the extension and expansion of the Value Added Tax (VAT) incentives in the housing sector as expected by developers. The extension is deemed crucial, given the need for home ownership remains high in Indonesia.
Bank BTN Deputy President Director Nixon LP Napitupulu noted in a statement here on Monday that they lauded the various stimuli, including VAT incentives, provided by the government for
the sector.
He supports requests from developers to extend and expand VAT incentives for housing transactions up to certain types, especially simple house types.
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Translator: Katriana
Editor: Rahmad Nasution
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