Malaysia homeownership slows down with $4.3 billion yet to be sold
Some factors for the stagnation include a mismatch in supply and demand and uncertainties from the pandemic
Malaysia’s housing and local government minister announced that a total of 27,468 new homes valued at MYR18.4 billion (USD4.3 billion) haven’t been sold in Q1 2021 thus far, reported Free Malaysia Today.
Reezal Merican Naina Merican told Dewan Rakyat that the homeownership programme was anticipated to remain slow till the end of this year.
The slowdown is attributed to several factors, including a mismatch in supply and demand, location, pricing, and the uncertainties caused by the COVID-19 pandemic.
Merican also added that the market value of homes also depends on the rising land cost and construction material.
More: Rising remote working leads Malaysians to migrate out of urban areas
In response to how the state can avoid the ongoing mismatch between supply and demand and ensure affordable housing, the ministry will use big data analytics to obtain on-ground pictures and seek ways to reduce the number of unsold units.
Additionally, the ministry will investigate comprehensive housing policies at federal and state levels to boost homeownership, as well as implement measures that guide developers to submit feasibility studies to avoid supply and demand mismatches.
The Property Report editors wrote this article. For more information, email: [email protected].
Recommended
Meet the dynamic duo putting waste to work in Indonesia
Indonesian entrepreneurs Ovy Sabrina and Novita Tan have made a meaningful mark with their firm Rebricks
Wind power: The Philippines spearheads Asia’s clean energy revolution
The Philippines has set aside its history of rejecting renewables and is setting its sights on becoming the region’s top green power producer
Singapore explores electric avenues
The pace of installation and consumer sentiment are still lagging as Singapore aims to meet its 2030 EV ambitions
Arkitek MAA shapes the nation
The firm's knack for crafting landmark transport hubs and socially sustainable developments has established it as one of Malaysia’s foremost practices