The 7th iProperty.com Asia Property Market Sentiment Survey Report 2015 showed that affordability continues to remain a major concern. The impact of the Goods and Services Tax (GST) has shown to not hinder respondents desire to purchase a property even though there are concerns that property prices will increase.
Key Findings in Malaysia:
- Despite concerns of an increase and a slow-down in the property market with the implementation of the GST, the love-affair for property continues.
- First time homebuyers are looking at purchasing property within the next 6 to 12 months and property investors are looking at purchasing within the next 6 months to 2 years from now.
- The top three location of interest remains Selangor, Kuala Lumpur & Penang.
- Majority of respondents have a budget of less than RM500,000.
- The main motivation to purchase has switched from long term investment to the desire to own their own home.
- Majority of respondents felt that the various affordable housing schemes introduced in Budget 2015 did not address the need for affordable housing in the country.