With the General Election just around the corner, on the minds of most Malaysians as they head to the polls would be cost of living issues, in particular, property prices.
A recent survey conducted PropertyGuru.com, Malaysia’s fastest growing online property portal, showed that 75 per cent of Malaysians feel property prices in the country are expensive and that recent government measures were insufficient in addressing growing concerns.
How this impacts voting trends remains to be seen, but it is safe to assume that it will play a key role in the forthcoming GE13.
“Since we first started gauging consumer sentiments in 2011, a majority of Malaysians have consistently voiced their concerns regarding the upward trend of property pricing. It’s obviously a key issue, but not the only concern for people,” shared Gerard Kho, Country Manager Malaysia of PropertyGuru.com.
Polling approximately 1,000 Malaysians, the PropertyGuru.com Consumer Sentiment revealed that:
- 75% of respondents feel that residential property in Malaysia is expensive, and
- While 70% of Malaysians believe the 123,000 affordable homes being built under PR1MA is a step in the right direction, almost 3 in 4 want the government to do more to keep prices affordable.
- Only 30% of respondents feel that apartments / condominiums and terrace houses are the most affordable property compared to 44% in Q4 2011.
Other key findings include:
- 67% of respondents agree that amendments to My First Home Scheme (which is being improved by increasing the income limit for individual loans from RM3,000 to RM5,000 per month or joint loans of husband and wife of up to RM10,000 per month) will help in providing affordable housing in the country.
- 46% respondents do not agree that the implementation of RPGT for a period of 2-5 years will improve housing affordability in the country.
- Terrace houses remain the 2nd most affordable (27%), but is the most popular residential form of property in the country with 33% of respondents owning a terrace house or currently residing in one.
The PropertyGuru.com Consumer Sentiment Survey was conducted online and polled approximately 1,000 respondents with 90% confidence and 2.7% error levels. Respondents were from the Klang Valley, Northern and Southern Malaysia as well as Sabah and Sarawak.