This is because property prices are escalating beyond the reach of many would-be house buyers, as corroborated by Bank Negara Malaysia’s (BNM) latest quarterly bulletin, according to a Bernama report.
Experts say house buyers could still get secondary units for RM200,000 in Kuala Lumpur. They say the secondary units would be better suited for young people who have just started working, particularly those in the city.
Real estate and investment writer Dr Azizul Azli Ahmad was quoted as saying secondary properties were sold at lower prices than those in new developments.
“For example, a secondary condominium unit in Bangsar is still sold between RM600 and RM1,000 per square foot (sq ft) in comparison with a newly-developed condominium unit that sells at RM1,500 to RM2,200 per sq ft,” he told Bernama.
He said browsing property sites online would show there were still many secondary houses in Kuala Lumpur that were being sold for under RM200,000.
“In addition, secondary or sub-sale homes are ready to be occupied and have easy access to facilities such as shops.”
Recently, BNM said in its quarterly bulletin that houses in the country were seriously unaffordable. It said the maximum affordable house price in the country was RM282,000, based on the housing cost burden approach. However, the actual median house price was RM313,000 in 2016, and, therefore, beyond the reach of many households. The median national household income was only RM5,228, Bernama reported.
The report quoted Dr Hairul Nizam Mansor, coordinator of the property management programme at the faculty of architecture, planning and surveying of Universiti Teknologi Mara, as saying the government should have better control over the property market.
The government could have a quota on expensive house purchases, such as two to a person. He said this was being practiced overseas. He added that the government could also get banks to tighten housing loan conditions.
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