Prospective homeowners still depend heavily on government aid to acquire property, according to PropertyGuru report.
PropertyGuru Malaysia country manager Sheldon Fernandez says property developers have begun to construct smaller units to cater to current market conditions.
According to Fernandez, the study shows that respondents, mainly older individuals and renters, are happy to forgo certain amenities such as gyms , playgrounds , jogging tracks or recreational spaces and balconies if it leads to a lower price tag of a house. As a result, Fernandez said this has led developers to respond by constructing smaller units to align with prevailing market conditions, in order to lower down their prices.The CSS report reaffirms that low housing affordability remains as a core issue that consumers face.
“This struggle essentially undermines the main objective of the various affordable housing initiatives,” said Sheldon. He said the issue of an unsustainable disparity in wealth is not exclusive to Malaysia, as it is a common challenge faced by many other countries.
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