Friday, March 31, 2023

Survey shows that 4 out of 5 Malaysians intended to buy a Property, but Lacks Budget

NewsSurvey shows that 4 out of 5 Malaysians intended to buy a...

The Covid-19 pandemic has a huge impact on our economy, so as the property prices. Many had showed interest in buying a property given that prices had been dropping since the start of the pandemic, however, most of them lacks the budget to proceed with the purchase.

In a recent survey conducted by PropertyGuru, they found that the desire to own a home in the future remained strong among Malaysians.

The survey was titled “Malaysia Consumer Sentiment Study H2 2021” and a total of 1,002 respondents had participated in the survey via online questionnaires.

Source: PropertyGuru

They said that despite a year full of hardships, the sentiment on property remained positive as a majority of Malaysians are still looking to own a property.

The survey also found that 4 out of 5 Malaysians had expressed their interest in buying a property in Malaysia in the future.

Meanwhile, 45% of the respondents said investment is the main reason of their purchase, while 65% of them said that living near health-related services is important.

On the other hand, they found that 73% of the respondents are looking to change their home situation after spending more time at home due to the lockdowns, while 38% are looking to renovate or repurpose certain areas of their home and 35% are starting to think more about owning a home or moving out of their current location.

Nonetheless, the study also reveals the few main barriers that are holding people back from buying a home in 2021, and they are:

  • High property prices (87%),
  • Inability to get home loans from banks (55%),
  • Downpayment (54%),
  • Loss of income due to COVID-19 (42%)
  • Interest rate (36%),
  • Political instability (25%)

“Malaysia has undergone various forms of lockdowns in the last 17 months, and this extended time at home has made more people realise the importance and benefits of having a space of their own, especially in the age of remote working.” Country Manager of PropertyGuru Malaysia, Sheldon Fernandez said.

They added that the pandemic’s effect on the way Malaysians view homeownership is more prominent now compared to last year.

This also shows the confidence Malaysians have in the property market for long-term capital appreciation.

The increasing desire for homeownership and the importance of owning a conducive living space. However, finding the suitable property within one’s budget remains a challenge.

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