News & Articles 75 Per Cent Malaysians Unhappy With Costly Properties: Survey
75 Per Cent Malaysians Unhappy With Costly Properties: Survey
20 Oct 2015
KUALA LUMPUR, Oct 20 (Bernama) -- PropertyGuru's latest survey shows three out of four Malaysians are unhappy with the current property market, citing expensive properties and lack of government action among the main reasons for dissatisfaction.
The survey, conducted in the first half of 2015, noted a significant trend of decreasing satisfaction among buyers or potential buyers.
It also shows a growing consensus that prices of all properties, regardless of size, class or location, are becoming increasingly unaffordable.
"Only 25 per cent of Malaysians felt satisfied with with general conditions of the property market -- a significant drop from the 32 per cent registered in last year's sentiment survey," PropertyGuru said in a statement Tuesday.
The main reasons cited are the perception that properties are overpriced (86 per cent), the rapid increase of prices (61 per cent), a laggard economy (57 per cent) and unpredictable real estate conditions (37 per cent).
Country Manager Sheldon Fernandez said one out of every three respondents cited difficulty in attaining approval for bank loans as a key source of dissatisfaction for them.
Despite the various government schemes to encourage domestic property purchase, 37 per cent of respondents did not apply for such programmes, while another 36 per cent said they did not qualify for such assistance.
Only one out of five respondents applied for the Perumahan Rakyat 1Malaysia (PR1MA) while only four per cent applied for the Private Affordable Ownership Housing Scheme (MyHome).
Despite property being exempted from the Goods and Services Tax (GST), the measure implemented in April 2015 has influenced consumer confidence with 60 per cent stating that it impacted their decision to buy property.
Other popular reasons cited included planning for children's education (37 per cent), a hedge against inflation and currency fluctuations (31 per cent) and migration (25 per cent).
The survey, conducted in the first half of 2015, noted a significant trend of decreasing satisfaction among buyers or potential buyers.
It also shows a growing consensus that prices of all properties, regardless of size, class or location, are becoming increasingly unaffordable.
"Only 25 per cent of Malaysians felt satisfied with with general conditions of the property market -- a significant drop from the 32 per cent registered in last year's sentiment survey," PropertyGuru said in a statement Tuesday.
The main reasons cited are the perception that properties are overpriced (86 per cent), the rapid increase of prices (61 per cent), a laggard economy (57 per cent) and unpredictable real estate conditions (37 per cent).
Country Manager Sheldon Fernandez said one out of every three respondents cited difficulty in attaining approval for bank loans as a key source of dissatisfaction for them.
Despite the various government schemes to encourage domestic property purchase, 37 per cent of respondents did not apply for such programmes, while another 36 per cent said they did not qualify for such assistance.
Only one out of five respondents applied for the Perumahan Rakyat 1Malaysia (PR1MA) while only four per cent applied for the Private Affordable Ownership Housing Scheme (MyHome).
Despite property being exempted from the Goods and Services Tax (GST), the measure implemented in April 2015 has influenced consumer confidence with 60 per cent stating that it impacted their decision to buy property.
Other popular reasons cited included planning for children's education (37 per cent), a hedge against inflation and currency fluctuations (31 per cent) and migration (25 per cent).
Source: bernama.com