By Farah Wahida:
The majority of Malaysians (75 percent) feel that properties in the country are expensive, according to results of PropertyGuru’s latest Property Affordability Sentiment Survey which polled over 900 Malaysians. Additionally, three in every four believe the government isn’t doing enough to keep home prices affordable.
Nonetheless, buyer sentiment and demand remains favourable, noted Steve Melhuish, Co-founder and CEO of PropertyGuru Group, Asia’s leading property portal.
When asked which property type was most affordable, 30 percent of respondents mentioned apartments/condominiums and terrace houses. Meanwhile, 55 percent of terrace homeowners are keen on upgrading to a similar property, while 30 percent would opt for semi-detached houses.
Around 63 percent of first-time home buyers are interested in buying within the country, with Selangor as the top location (31 percent), followed by Kuala Lumpur, Johor and Penang.
For some 12 percent, investing overseas is a better option, especially in countries like Singapore, Australia, the UK, Thailand and Indonesia.
Most respondents (70 percent) also think the plan to build 123,000 affordable homes at RM1.9 billion (S$762.7 million) under Budget 2013 will benefit Malaysians.
Gerard Kho, Country Manager for PropertyGuru Malaysia, stated that there are shifting trends in terms of affordability within the housing market.
“There are more projects within the range of RM300,000 to RM400,000 (S$120,400 – S$160,500) compared to RM600,000 (S$240,800) in past years. You’ll find smaller units in the city and larger units out of town, which I say fits the gap very well.”
Meanwhile, PropertyGuru is forecasting a strong showing in 2013 following the good results it achieved last year.
“It was an amazing year for PropertyGuru with performance completely exceeding expectations in all countries. I’m sure 2013 will be another exciting year. We’ll continue to create innovation in our services, brand and improve the experience for our property searchers and advertiser clients,” noted Melhuish.
Image: (From Left) Steve Melhuish, Co-founder and CEO of PropertyGuru Group with Gerard Kho, Country Manager for PropertyGuru Malaysia
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
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