Second Hand Homes Much More Affordable Than New Units
Potential home-buyers are encouraged to purchase second-hand homes rather than newly established real estate due to the soaring property prices.
Bank Negara Malaysia’s (BNM) latest quarterly report revealed property prices were rising out of reach from those opting to buy a home.
Howver, experts revealed secondary home purchases were a better alternative as there were still units that are priced at RM200,000 within the city, which is especially affordable for the younger generation.
Bernama quoted real estate and investment writer Dr Azizul Azli Ahmad, who said that these properties were generally sold at lower price compared to new developments.
He said a a secondary condominium unit in Bangsar was being sold RM600 and RM1,000 per square foot, while new units were tagged between RM1,500 and RM2,200 per square foot.
“In addition, secondary or sub-sale homes are ready to be occupied and have easy access to facilities such as shops,” he said.
BNM had previously labelled housing within the country as severly unaffordable, where the median house price in 2016 was RM313,000.
Meanwhile, coordinator of the property management programme at the faculty of architecture, planning and surveying of Universiti Teknologi Mara, Dr Hairul Nizam Mansor, said the government should opt to impose a quota on expensive housing purchases and tighten housing loan conditions.
Picture by The Star Online