The 13th General Elections… and its impact to the Malaysian Property Market!

So #GE13 is finally here, happening in 2 days time. Flags, springs, motorbikes and vehicles carrying their respective party symbols are abundant in every state, every town and in every kampung. I don’t need to say more, you’ve probably heard most of everything in the internet, at the coffee shop and at your workplaces, but I do want to share with you one thing…. The impact this General Elections will have on the property market, a result from 2275 Malaysians sharing their views organized by iProperty.com!

iProperty.com Malaysia - #1 Digital Property Advertising Business in Malaysia

First thing to note: more than 70% of the correspondence (that’s 1,592.5 people, FYI, the 0.5 probably belonging to a kid haha) want the government to do more to curb rising property prices in the country. What do you think about this? Are you one of the 70% too?
In my opinion, properties nowadays are really rising sky high separating the different classes of Rakyat, which will definitely cause more social friction. Even for us youths, to see that the minimum property price in Petaling Jaya (not even in Kuala Lumpur) is RM600,000 – now where on earth are we supposed to get that kind of money? These are all because developers are just looking to earn more money, and I suspect that the bubble will burst one fine day if it’s not controlled!
Second: more than 51% said that #GE13 has somewhat affected their decision to purchase a property, with up to
  • 38% adopting a wait-and-see approach to see if there will be measures to reduce the prices
  • 31% waiting to see if there are more affordable housing schemes
  • 30% waiting for property prices to drop, making it more affordable.

Since it is very unstable, we the Rakyat has become so afraid of commitment in fear that we’ll miss out on better opportunities, and I find that we’re simply being punished because of the instability and short-sightedness that stems from the property industry.

Thirdly: with respect to the property industry, the top three policies correspondents would like to see implemented are:

  • 79% wanting better home financing policies and interest rates
  • 68% wanting better protection for property buyers & investors
  • 61% wanting to see stricter penalties imposed on errant developers

In the end of the day, we the Rakyat would like to see that every stakeholder fulfils their agreement, and it doesn’t help that sometimes people get away with wrongdoings and no offer for protection is given to the people who spent the money. I personally hope that more action will be taken for those who disrupt the order of things through corruption!

Fourth: when chossing between subsidy to purchase property vs having more affordable properties, 53% prefer to see more affordable properties.

I am very happy to see this result. We shouldn’t be relaxing when we can do so much more. We’re not lazy and we should allow those who work hard to reap the gains. We have hope after all!

Fifth: to the government who will be in place after #GE13 PRU13,  these are the top 3 policies the people want delivered:

  • 22% wants to see more affordable and secure housing
  • 22% wanted equality for all races
  • 21% wanted more action to fight against corruption

Sounds legit 🙂

I guess that’s what I have to say, with my limited knowledge on the property industry, more as a consumer. What do you think? Share with me your thoughts 🙂

*Created by Iproperty MY, the number one website in Malaysia. Whether you have a house for sale or are looking to buy.

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spinzer

He is an avid blogger at Spinzer.uS and lives 24/7 on Twitter by the moniker @spinzer. Left Investment Banking to pursue the unleashing of Malaysian Gen-Y's hidden talents by founding the EYE (Empowering Youth Endeavors) Project. He co-founded the Young Corporate Malaysians and assists RandomAlphabets in his spare time. He plans to build a socially good empire out of his social media consultancy outfit called SocialGrooves.com in a bid to turn the world into a better place by 2020.

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