The iProperty.com Asia Property Market Sentiment Report 2014, for the first half of the year, revealed that affordability continues to be a major concern amongst respondents in Malaysia, Indonesia, Hong Kong, Macau and Singapore. This is despite the fact that all these countries have introduced multiple new cooling measures to cool the property market and/or are looking into providing more affordable housing to the low- and middle-income group via various schemes.
The survey was conducted across the iProperty Group’s leading network of property websites in Malaysia (iproperty.com.my), Singapore (iproperty.com.sg), Indonesia (Rumah123.com and rumahdanproperti.com) and Hong Kong (GoHome.com.hk).
Attracting close to 20,000 respondents, with 6,865 respondents from Malaysia, the survey revealed consumer’s motivations, intentions and preferences in acquiring property in Asia.
Key Findings in Malaysia
- Majority of survey respondents were aged between 31 to 40 years old (40%) and 80% of respondents were from the Klang Valley (Kuala Lumpur, Selangor, Putrajaya).
- 32% (increase from 29%) of respondents are first time home buyers with a budget between MYR350,001 to MYR 500,000, which is consistent with the previous survey. Interestingly, 17% considered themselves property buyers, while 13% termed themselves as investors.
- There was a drop in respondents (from 30% to 24%) who intend to purchase a property in the next six months. On the other hand, there was an increase in those looking to purchase property at least two years from now (from 17% to 21%).
- 83% of respondents want to buy property that is newly developed and they obtain information on new developments online (82%). Their main motivation to purchase property is due to the desire to own their own home (45%) and for long term investment (39%).
- The top three factors of consideration when purchasing property were Location, Price and Size, all of which are inter-related. Compared to the previous survey, Size overtook Security for the third spot.
- Respondents still want more laws and regulations to protect property buyers in the country.
- Top 3 hotspots in Klang Valley – Petaling Jaya, Ara Damansara, and Puchong. Outside of Klang Valley, the top 3 hotspots were – Iskandar Malaysia, Georgetown and Melaka.