PETALING JAYA: More than half or 56% of Malaysians are keen to enter the property market in 2024 despite economic challenges and rising property price...
Fernandez says consumers are willing to compromise on most property amenities to be able to afford homes.More than half or 56% of Malaysians are keen to enter the property market in 2024 despite economic challenges and rising property prices, a study conducted by PropertyGuru Malaysia and iProperty Malaysia indicates.
Although the intention to buy is strong among Malaysians, 87% of respondents rank high property prices as the biggest barrier to their buying ambitions, followed by rising interest rates , economic recession concerns , inability to get bank home loans , down payment and political instability . “While we do expect slower transaction activity in the housing market for the rest of the year, we hope that the gradually stabilising economy will revive Malaysians appetite for properties in 2024,” he told reporters during a CSS H2’23 media briefing today.
“If you look at income growth versus property prices growth over the last few years, there’s a disparity, the median income grew 2.5% last year as opposed to over 3% increase pre-pandemic. So you can see that median income needs to catch up with property prices, and it's good and encouraging to see the government playing a role in this. Minimum wage increase is one factor that can help.
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