The data, collected and tabulated by iPropertyiQ, the companies big data solutions that simplify information access and discovery, revealed that people are now living in homes that are about 67% larger than it used to be 15 years ago.
The data from iPropertyiQ is obtained from a combination of data from iProperty.com Malaysia and from Brickz.my. The latest findings by iPropertyiQ revealed that houses that are being bought and sold today has an average size of 1,900 sqft.
It was interesting to note that in the 1990’s, when the population was at 18 million, houses used to average at 1,150sqft. In just a span of 26 years, property sizes have increased by 750sqft. Even though affordability continues to remain a key concern, Malaysians are looking for larger homes and the findings also showed that terrace houses are also getting more popular. Towards 2011, people had already begun looking towards terrace houses due to affordability. At the same time semi-D’s market share faced the opposite reaction. The market share for semi-D’s remained below 25% as popularity for terrace houses continued to stay above 75%.
Aside from homes getting bigger and demand for terrace house growing, the data also revealed that since 2001, houses with four bedrooms or more have gained grounds from houses with two rooms or less. The research showed that having more rooms in a house is also cost effective when families live in together.
In conclusion houses with three bedrooms continue to be the de facto choice of both purchase by property buyers and investors.
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DISCLAIMER: The source of Sale data is from the Valuation and Property Services department (JPPH) which officially records a property transaction once the stamp duty for the Sales and Purchase agreement is paid while the source of rent data is from agents’ listings listed at iProperty.com. Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.
This article was first published in the iProperty.com Malaysia September 2016 Magazine. Get your copy from selected news stands or view the magazine online for free at www.iproperty.com.my/magazine. Better yet, order a discounted subscription by putting in your details in the form below!