Despite rising living costs, Malaysia's home affordability remains stable according to the Real Estate and Housing Developers’ Association (Rehda). Government schemes and initiatives are key to enabling homeownership for young professionals.
Home affordability in Malaysia remains stable despite rising living costs , said Real Estate and Housing Developers’ Association (Rehda) president Datuk Ho Hon Sang. He said according to National Property Information Centre data, the residential property market reached a 10-year high in the third quarter of this year, with 70,520 transactions valued at nearly RM29 billion.He added that Malaysia ’s home ownership rate, which stood at 76.
5% in 2022, also reflects stability, and that while there is room for improvement, the situation is far from dire. Acknowledging challenges for young professionals to purchase houses, he said the EPF Belanjawanku 2024/2025 report estimated that a single person in the Klang Valley needs RM2,800 monthly for basic living costs, which leaves little for savings.“Wage increments and bonuses in many industries could help professionals achieve homeownership goals.” Ho said government schemes such as PR1MA and MyHome as well as measures in Budget 2025, such as the Step-Up Financing Scheme for youths that offers lower repayment rates for the first five years, are pivotal in enabling homeownership.“Local authorities and developers should conduct demand analyses to ensure projects meet market needs.”“Cross-subsidisation, in which free-market buyers offset affordable housing costs, impacts market health.” Ho suggested tailoring local authority requirements for price-controlled housing to community demand. “Rehda foresees technological adoption and large-scale infrastructure projects boosting housing demand. However, inflation, subsidy removal and higher taxes may pose challenges. “Innovative practices and environmental, social and governance principles are essential to meet market demand.” However, Universiti Putra Malaysia Putra Business School Assoc Prof Dr Ida Md Yasin disagreed that home affordability is stable, and highlighted a significant gap between supply and demand in the Klang Valle
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