Three quarters of Malaysians believe that property prices in the country are too expensive and that the government is not doing enough to maintain affordable housing in the country. ThatÃ¢â¬â¢s according to a new survey which also found that most Malaysians expect property prices in the country to increase in 2013.
Keep reading to learn more about the prospects for investing in property in Malaysia this year.
76 per cent of Malaysians think property prices will rise in 2013
FMT News reports that 75 per cent of respondents to a new survey believe that all property types in Malaysia are too expensive. It also found that 76 per cent expect property prices to rise in the next six months while 14 per cent believe prices will remain stable.
The survey questioned 924 people online between November 2012 and January 2013.
The survey also found that Malaysians welcome initiatives from the government to make property in the country more affordable. Just over a third (67 per cent) of those questioned believe that changes to MalaysiaÃ¢â¬â¢s My First Home Scheme will help improve housing affordability issue in the country while 70 percent of respondents believed that the 2013 Budget announcement on affordable homes will also help to provide affordable housing.
Ã¢â¬ÅWhile increases in the value of property in Malaysia are great news for overseas investors, it is a political hot potato,Ã¢â¬Â said Nick Marr, director of Asian property specialist HomesGoFast.com Ã¢â¬ÅMany Malaysians believe that not enough is being done to ensure that affordable homes are available to local residents, although this survey shows that recent government pledges should help.
Ã¢â¬ÅMalaysia remains a popular destination for overseas property buyers from Asia and further afield. This recent survey found that over a third of Singaporeans considering buying a property abroad would consider purchasing property in Malaysia,Ã¢â¬Â he added.