By THARMINI KENAS email@example.com
StarProperty.my Buyers’ Sentiment Survey 2017 finds first-time buyers, upgraders and investors having different views on 2018
For starters, 60.58% of the first-time buyers are interested in a terraced landed property, followed by 58.05% who are inclined towards condominium and serviced residences.
Interestingly, 57.21% of the respondents want their first homes to be in the Klang Valley while 54.98% of them prefer Greater Kuala Lumpur. The lack of space in Kuala Lumpur is affecting the first-time buyers’ accessibility to landed properties.
With the latest developments in Greater KL and Klang Valley being geared towards condominiums and apartments, the younger generation may be pressed to switch their home-buying preferences.
Penang was voted as the third most preferred area to buy their first residential property. The finding is of no surprise since Penang has been quoted as being among the best places to retire and live in 2016 and 2017, according to recent international media surveys.
The sentiment survey shows that 43.98% of first-time buyers are looking for houses in the price range of RM300,000 to RM500,000.
With ‘affordability’ being the trending word in the property sector lately, the Government’s various initiatives such as PR1MA and Rumah Pertamaku has been directed towards making housing affordable for first-time buyers. However, the underwhelming awareness of first-time buyers is disconcerting.
According to the survey, 50.11% of the respondents claimed they are not qualified for the government property schemes while 32.39%, 23.13% and 28.49% are interested in applying for the My Home programme, Rumah Pertamaku, or PR1MA.
The survey also reveals that 73.24% think the Government should take more steps and come up with new schemes to make housing affordable, proving that affordability is still a relevant word among first-time buyers in Malaysia.
Regarding factors that influence the purchase of their first property, the price of the residential unit tops the list at 79.21%, followed by location (73.30%), security and safety (61.29%), developer’s reputation (53.38%) and loan eligibility (48.76%).
Asked about the biggest challenge they face when buying their first homes, 89.59% of the respondents pointed to the overpriced property and 50.48% stressed on the rapid increase in price in a short period.
Other challenges include high down payment, the unpredictability of the property market, lack of good financing options and tough approval process involved in the loan application.
To get the full report, drop us your details at bit.ly/buyersurvey2017.