Affordable Housing In Malaysia
This can be done through policies enacted and housing programs.
Affordable housing in malaysia. According to khazanah research institute and bank negara malaysia the median price for the housing market is three times the gross annual household income which means that the monthly payment for the house should not be more than 30 of the income or else it would be. There is a shortage of affordable housing in malaysia with only a quarter of houses launched nationwide from 2016 to march last year priced under rm250 000 a news portal reported today. Malaysia as a developing country has a role to provide suitable and affordable housing.
A more acceptable range is 3x having said that malaysia s housing market is nowhere near as bad as the top 10 most unaffordable locations globally. There s bank negara s rm1 billion fund for affordable homes to assist home buyers from the lower income group to finance their purchases. According to khazanah research institute property prices in malaysia is severely unaffordable at 4 4 times the median annual household income in 2014.
Recently pdc penang development corp has released an rfp request. In 2014 it is estimated that 330 million urban households globally live in substandard housing or are financially overstretched by housing costs. In 2016 given the malaysian monthly median household income of rm5 228 the actual median house price of rm313k was considered unaffordable compared to the estimated maximum price of an affordable home rm282k.
Their affordable housing in mutiara jesselton penang starts from from rm150 000 which seems to be the most affordable housing you could find in penang thus far. Property developers have been churning out houses at a healthy rate over the years in fact more than keeping pace with population growth. The lack of adequate number of affordable housing projects in malaysia has been an acute problem for a very long time.
In terms of the former statistics suggest that there is enough houses built in the country. Do affordable houses still exist in malaysia. There has been much discussion on the adequacy of current affordable housing supply and crucially the lack of homeownership in malaysia.
The government has a responsibility in providing quality housing and adequate for all its citizens. New data based on the latest household income and expenditure survey 2016 indicates that housing affordability is still an issue in malaysia. If you are a first time home buyer there are many programs and schemes available to assist you in owning your own home.
What are affordable houses anyways. However their other affordable properties are mainly around the range of rm300 000 which is far from affordable for most of the residents in penang. In malaysia urbanisation and population growth have contributed to a shortage of affordable housing supply.
It s a positive notion that new projects on developing affordable houses are being undertaken in the recent times but the number of affordable houses is still way low compared to the massive public demand.
