House prices in Malaysia continue upwards and there is as yet no sign of a slowdown. With the dream of owning a home growing more illusory for more and more Malaysians, it’s time to rethink housing finance and introduce innovative solutions that will give more Penangites a chance to buy a home.
A growing segment of Malaysian society is unable to buy decent or affordable housing which meets their needs and aspirations. House prices have moved beyond reach for many households and continue to do so, rising faster than household incomes.
Key urban areas such as KL, Penang and Selangor, which provide significant employment opportunities as well as generate and drive economic growth, are typified by increasing levels of “housing stress”; a situation where housing costs (rental or mortgage) are high relative to household income.
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