Affordable housing not based on new launches alone, says think tank FMTNews
The Center for Market Education’s Carmelo Ferlito says affordability is being measured based on a certain housing market, while people buy and sell in a different market.
The Center for Market Education said that currently, the PIR is being calculated for new housing development launches instead of looking at the secondary market, where 80% of transactions happen. He was commenting on a recent request by Prime Minister Anwar Ibrahim to the local government development ministry to review the conditions on affordable housing by developers.
He said a low PIR does not necessarily indicate a good level of welfare for the home owners, as they could be purchasing the properties due to economic stress or absence of demand.
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