Malaysia first time home buyers eyeing to secure home post COVID-19

KUALA LUMPUR (BERNAMA) – As Malaysia enters the recovery stage of the COVID-19 pandemic, first time home buyers are eyeing to secure their homes now while investors are waiting for the right timing to make their move.

PropertyGuru in a statement yesterday said that based on a survey done by National Property Sentiment Index, young renters aged 22 to 29 are unlikely to postpone their decision to purchase a property.

Its Country Manager Sheldon Fernandez said looking at consumer sentiment post-movement control order (MCO), renters and younger home-seekers were more appreciative of the benefits of owning their own property.

“However, difficulties in viewing properties and challenges in securing home loans are the issues most frequently faced by Malaysians returning to a new normality.

“Though keen on property, renters and those who live with parents are most likely to have difficulty in securing loans. The inability to obtain sufficient information on the property is also a common concern,” he said.

He added that financing and affordability will come under scrutiny as many prioritise day-to-day survival in the phase of a potential recession.

“For those with sufficient buffer to capitalise in the current market scenario will have enough room to manoeuvre in terms of uptake for programmes and tools developed to address these specific cases such as affordable housing,

Meanwhile, property valuation and consultation firm Jones Lang Wootton Executive Director Prem Kumar said that property market stakeholders are conscious of uncertainties, besides the potential negative impact on property prices which has impeded decisions to the purchase of a property.

 Referring to the PropertyGuru Malaysia Consumer Sentiment Study findings, he said that 57 per cent prefer to purchase in 2021 while 37 per cent showed purchasing intent by year-end.

“In the long term only eight per cent of investors say they would defer property buying decisions by three to five years in the event of a recession,” he said.