Developers Are Hopeful Of Market Rebound Despite Challenging Economy
Malaysians may be struggling to land their first home but there seems to be a demand for property especially among first-time homebuyers, reports The Star.
According to the English-language daily, property developers remain optimistic that the market will recover in the next 12 months.
Although the market slowed down about 18 months ago, there were still new products coming out that were competitively priced, said Khoo Teck Chong, general manager of Eco World Development Group Bhd.
IJM Land Bhd senior general manager Toh Chin Leong said even during a downturn, there would be eligible buyers looking either to buy their first home or to upgrade their lifestyle with a new property.
“Houses priced from RM550,000 are still the most sought after in the present market,” he said.
In September, Bank Negara Malaysia said the biggest problem for homebuyers is the lack of affordable homes. The Finance Ministry also said despite high demand, there was a lack of cheap houses to go around.
Last week, Prime Minister Datuk Seri Najib Razak during his budget speech rolled out incentives that would enable the country’s middle class to purchase their first home below market price.