'The hike in selling prices is inevitable as developers are already paying substantially more for their raw materials.' theSun theSundaily Propertymanagement propertyinvestment propertyforsale price
With the expected price increase in properties due to rising building material costs, the National House Buyers Association has urged developers to be cautious of increasing profit margins as it may worsen the overhang, which stood at 36,863 units worth RM22.6 billion as of last year.
HBA secretary-general Datuk Chang Kim Loong said Malaysia was currently suffering from a triple whammy impact on the economy due to the Covid-19 pandemic, spillover effects of the war in Ukraine and a global increase in food prices. Chang said the increase will lead to a hike in prices of finished products, unless the seller was willing to sacrifice margins to maintain property prices.
“Developers should also offer steep discounts to offload current overhang units and assist house buyers to purchase properties.” He added that there are schemes such as “Skim Rumah Pertamaku”, where borrowers with income of up to RM5,000 per month, or income of up to RM10,000 for joint borrowers, can opt for up to 100% financing without having to pay a 10% downpayment for property worth between RM300,000 and RM500,000.
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