M'sia property sellers cashing out before Jan 1

REAL ESTATE agents have been swamped with viewings in the last few weeks of the year ahead of more punitive property taxes which will kick-in come Jan 1.

While many were enjoying turkey and minced pies, Monica K was busy with clients. "I spent the whole of Christmas day at viewings," she half-groan-ed. Piped in her colleague, J K: "We have also been working a lot of Sundays, too."

Specialising in the popular areas of Mont Kiara, Bangsar, Damansara Heights and Desa Park City, the agency has seen a number of sellers in certain developments wanting to cash out after the government announced at the end of October that higher real property gains tax (RPGT) would apply from Jan 1 to curb speculation and sky-rocketing home prices.