2 October, KUALA LUMPUR – The Housing and Local Government Ministry (KPKT) is currently working on a comprehensive database to help first-time house buyers own a property.
Its Deputy Minister Datuk Raja Kamarul Bahrin Shah Raja Ahmad said the database, which is expected to be introduced next year, would include transactions and property ownership data and become a reference for property developers to better plan their supply.
The database will also help authorities to filter the property purchasers who own multiple properties from first-time house buyers.
We are working hard on it. The biggest challenge that we are facing is some resistance from local authorities in surrendering the housing market data which is totally not a healthy situation, he told reporters after officiating the opening ceremony of the Housing and Property Development Colloquium here, today.
The one-day conference is organised by Kingsley Advisory and Strategic Initiatives Institute with the theme Reimagining the Housing and Property Industry in the New Malaysia.
He said all the state authorities should cooperate with the federal government in giving the statistics and information in order to improve the country’s property market.
Earlier, in his speech, Raja Kamarul Bahrin said that the property market was in need of adjustments as the data on overhang and unsold properties showed that there is an oversupply and mismatch between supply and demand especially in the high-end property segment.
The problems are becoming increasingly well known. Those with greater purchasing power, instead of buying higher-end properties befitting their income, are purchasing more affordably-priced houses meant for those earning much lower income with the intention to resell at a higher price or to rent.
This has led to the current oversupply, he added.
Hence, he said the government, developers, financial institutions and other stakeholders must work together to come up with viable solutions for consumers and potential home owners.