Rethinking our affordable housing policy | The Malaysian Insight

IN the face of the Malaysian property glut and issues regarding home affordability, it seems that our plastered-on short-term quick-fixes are starting to burst through its seams.

Not to mention, there is also the Home Ownership Campaign 2019, where properties are given a discount and property buyers get stamp duty exemption. The ministry has also touted the success of the campaign in achieving RM17.66 billion worth of sales for about 28,000 houses. Conversely, I was even more shocked at how fast we have been accumulating mortgages in the past decade, which comes to a compound annual growth rate of 12.14% across eight years. Meanwhile, our annual salary increment is not growing at nearly the same amount.

Also recently, with Bandar Malaysia being officially green lit, part of the deal was to have IWH-CREC Sdn Bhd build 10,000 affordable homes within Bandar Malaysia; 5,000 more than initially planned. Hence, I advocate not controlling property prices at all. Let the property market be subjected to market forces – pure supply and demand, and leave the property developers to fend for themselves.

Source: Real Estate Daily Report (realestatedailyreport.net)

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