PETALING JAYA: Almost half of the Malaysian respondents surveyed have a budget of less than RM350,000 to buy properties, while only one in 10 have a budget of over RM600,000, according to PropertyGuru Malaysia.
In its biannual consumer sentiment study (CSS) for the first half of 2023 (H1’23), it said that as the disparity between income and house prices continues to widen in Malaysia, affordability issues among consumers are likely to be an ongoing trend.
“This is apparent in the CSS H1’23, as more Malaysians await government initiatives that can help them attain their homeownership goals. The study found that half of the Malaysian consumers consider themselves unable to buy a house without government assistance, with nearly three in four respondents calling for more government support to address the rising inflation,” it said.
PropertyGuru Malaysia country manager Sheldon Fernandez said the continued financial challenges that consumers face as seen in the study further highlight the importance of government financial assistance for Malaysians’ journey towards homeownership.
“Although the recent increase in minimum wage was a welcome relief, the rising inflation also brought higher daily household expenses, leaving Malaysians with less monthly savings and a need to minimise additional expenditures,” said Fernandez in a statement.
He added that among calls for government-led financial support, the study revealed that two in five Malaysians continue to not have a clear understanding of the eligibility terms for affordable housing. It revealed that this is more prevalent among low-income earners and those within the age range of 20 to 29.
However, the study also found that over half (58%) of Malaysian consumers with the intention to purchase a property have achieved the halfway point of their savings target, driven mostly by millennials between the ages of 22 and 41, and mid-income earners.
“What we are seeing in the market lately is that potential homebuyers do have the intention to buy, though that intention is hampered by affordability issues that are expected to linger until the overall cost of living has stabilised. With this, we expect consumers to continue prioritising renting over purchasing property in the upcoming year,” he said.
Source: The Sun Daily
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