Social distancing measures incite home ownership aspirations among young Malaysians

PropertyGuru Malaysia says that they are the “least likely to delay their property purchasing decisions” 

Sunrise over PNB tower in Kuala Lumpur, Malaysia. KelvinShutter/Shutterstock

According to the Malaysia Consumer Sentiment Study H2 2020 by PropertyGuruyounger home seekers and investors are looking into owning a property as the government introduces the recovery stage of the 6-Phase Plan to control the outbreak. 

Even though the Property Sentiment Index fell from 42 points in the first half of 2020 to 39 in the second halfthe leading proptech company in Asia reported that the young renters aged 22 to 29 years old are least likely to postpone any property purchasing decisions.   

“We’ve seen a lot of market uncertainty in the wake of COVID-19 and the resulting Movement Control Orders (MCOs) in Malaysia, with numerous viewpoints, models and strategies from industry players trying to make sense of the pandemic and its impact on property,” said the country manager at PropertyGuru Malaysia Sheldon Fernandez. 

More: Malaysian government predicts full economic recovery by 2021

 “Looking purely at consumer sentiment, however, some patterns are clear. One of these is that extended, enforced time at home has perhaps made renters and younger home seekers more appreciative of the benefits of owning their own property. Another is that investors are on the lookout for purchases, though these demographics differ in their approach to purchase timing,” he added. 

The survey also uncovered that 51 percent of renters and 47 percent of participants aged 22 to 29 years old revealed that they are not going to delay any property transactions because of the pandemic. In comparison, only 23 percent of participants aged 60 and above agreed. 

Meanwhilethe study also found that participants from lower-income backgrounds are less likely to postpone their purchases, which demonstrates a continuous demand for affordable housing despite uncertainties with the economy.  

 To view the in-depth report, visit propertyguru.com.my/property-guides/malaysia-consumer-sentiment-study-h2-2020-29425 

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