47% of unsold Bumiputera lots were priced between RM500,000 and RM700,000.
An academic has called for policy adjustments and incentives to boost sales of Bumiputera housing lots after a survey reported that as of June, 33% remained unsold three years after completion.
“Several challenges are hindering sales, with affordability being a major barrier. There must be policy adjustments and incentives to encourage Bumiputera to purchase the houses. “Most state governments prohibit status changes for low-cost housing but may allow it for other property types with strong justification.
“The issue of unsold properties impacts not just Bumiputera buyers but also non-Bumiputera Malaysians as high property prices have made home ownership increasingly difficult for middle and lower income groups.” “With property prices increasing faster than wages, potential buyers of all races are finding themselves priced out of the market. High-rise units still average RM367,201, which is a price that is out of reach for many.”
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