By ERNEST TOWLE
FOR those who use the calendar to mark significant events or reminders, October tells you that only a quarter of the year is left. This means you only have three months to achieve all the goals set nine months earlier.
October is also the month in which the Malaysian Budget for the following year is prepared and presented in Parliament. During this time, businesses wait with bated breath for details of new policies or tax structures in order to plan their operations for the coming year.
Talk in the industry is that the property market for the past nine months has been soft and it is now a buyers’ market.
Despite this perception, properties in the affordable category still enjoy robust demand; buyers throng sales galleries at launches of units below RM500,000.
Many voices have also lamented about how difficult it is to obtain a housing loan.
According to the latest report by Bank Negara on mortgage application and approval rates (as reported in The Star on July 15, 2017), the housing loan approval rate remains high. A total of 72% of all loans approved are for first-time homebuyers to purchase properties priced at RM500,000 and below.
Perhaps the main reason for the loud voices on the difficulty in securing a mortgage lies with borrower ability for higher priced properties.
StarProperty.my recently held a roundtable session to glean insights from key developers on their wishes for the upcoming budget.
These ideas represent the unrelenting persistence of these developers to continue building what the market is asking for now and, indeed, in the near future.