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  Houses In Malaysia Remain Unaffordable,says BNM  
 
 

Wednesday, 14 February 2018

KUALA LUMPUR, Feb 14 (Bernama) -- Malaysia faces a shortage of affordable houses for the masses, Bank Negara Malaysia (BNM) warned in a report that also disclosed data showing houses in the country were "seriously unaffordable" in 2016 by international standards.

The central bank outlined five strategies to overcome the issue, including centralising affordable housing initiatives and setting up an integrated housing database and an applicant registry for planning and allocating affordable housing.

It also suggested reducing the cost barrier to affordable housing, rehabilitating household balance sheets by enhancing financial literacy and improving the rental market by strengthening the legal framework.

"The housing affordability issue is largely due to the supply-demand mismatch and slower income growth," the central bank said.

BNM estimated the maximum affordable house price in the country to be RM282,000 based on the housing cost burden approach.

"However, actual median house price was RM313,000 (in 2016), beyond the means of many households, where the median national household income was only RM5,228," it said in its quarterly bulletin released today.

The bank reiterated that undersupply of affordable houses remained an issue.

It outlined three factors contributing to housing unaffordability in Malaysia: mismatch between supply and demand for housing, new launches skewed towards the unaffordable range, and growth in house prices outpacing that of household income.

"Since 2012, new housing supply has consistently fallen short of the increase in demand by households,? BNM said.

During the year up to the first quarter of 2017, only 24 per cent of new launches were priced RM250,000 or less, a range that 35 per cent of Malaysian households could afford.

The bulletin also revealed that from 2007 to 2016, house prices grew 9.8 per cent while household income only increased 8.3 per cent.

The mismatch was most acute from 2012 to 2014, when the growth in house prices (26.5 per cent) was more than double the growth in income levels (12.4 per cent).

As a result of the supply-demand mismatch, BNM said, the level of total unsold residential properties in Malaysia stood at a decade-high of 146,497 units as at the second quarter (2Q) of 2017, an increase from 130,690 units in the preceding quarter.

In 2Q 2017, almost 82 per cent of unsold units were priced above RM250,000.

The bank also noted that financing continued to be available for purchases of houses for eligible borrowers, with more than 70 per cent of housing loans accorded to first-time buyers and close to two-thirds of new housing loans channelled to the purchase of houses costing below RM500,000.

On the supply side, structural and cyclical factors in the housing market in Malaysia have resulted in a failure of the market to provide an adequate supply of affordable housing for the masses while on the demand side, growth in household income has not kept up with the rise in house prices.

"Together with a low state of financial literacy among the majority of Malaysian households and a cultural preference towards home ownership instead of renting, these have contributed to the high demand for house purchases,? it added.

-- BERNAMA

 
 
 
 
   
 
 

Tube Well Benefits More Than 650 Residents Of Kg Timbang Dayang

Friday, 23 February 2018

KOTA BELUD, Feb 23 (Bernama) -- More than 650 residents of Kampung Timbang Dayang here are delighted to be able to enjoy clean water from a tube well costing RM90,000....
 
Viral Video : Not Real, Just Movie Scene Being Filmed - Police Chief

Friday, 23 February 2018

KUALA LUMPUR, Feb 23 (Bernama) -- Kuala Lumpur police chief Datuk Seri Mazlan Lazim said the video on the shootings, which has gone viral on social media today, was not a real incident but only a scene being filmed for...


130 Poor Families Get A Home Each With Aid From LZS

Friday, 23 February 2018

KUALA LUMPUR, Feb 23 (Bernama) -- Joy was written on the faces of 26 poor and needy individuals renting at the Enggang Apartments in Puchong as they will each own their unit costing RM42,000 when gifted by the Selangor Zakat...
 
Federal Govt Continues To Ensure Labuan's Economic Development - Ahmad Shabery

Friday, 23 February 2018

LABUAN, Feb 23 (Bernama) -- The federal government will not turn a blind eye on the future of Labuan's economic development after more than three decades of the duty-free island's establishment as part of the Federal Territories....

 
 
 
 
 
 
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50,000 Health Ministry-Trained Volunteers To Detect, Prevent NCD

GEORGE TOWN -- The Health Ministry has trained more than 50,000 volunteers to detect patients with high cholesterol, glucose level and high blood pressure to prevent them at an early...

   

Rakyat Mahu Bantuan BR1M Diteruskan

PEKAN -- Kumpulan pertama yang menerima Bantuan Rakyat 1Malaysia (BR1M) mengharap bantuan itu dapat diteruskan pada masa depan kerana ia banyak membantu meringankan beban perbelanjaan harian mereka. Seorang penerima Hayati...

 
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