The country's Property sector is optimistic that the upcoming fiscal policies will continue to strengthen the real estate market, empowering Malaysians with greater access to home ownership, according to PropertyGuru Malaysia.
With Budget 2025 on the horizon, the market expects additional measures that further enhance the property market to fulfill the needs of Malaysian homebuyers.
The affordability of housing continues to be a central concern for many Malaysians, particularly first-time homebuyers. The government's commitment to provide affordable housing has boosted the supply of affordable homes through initiatives such as the 1Malaysia Housing Programme (PR1MA), Rumah Selangorku and Projek Perumahan Rakyat (PPR).
According to PropertyGuru's Consumer Sentiment Study in the first half of 2024, PR1MA is the preferred choice for 23% of respondents, especially middle-income earners in their 30s. Rumah Selangorku, on the other hand, is favoured by 15% of respondents, predominantly those married with children. PPR is the choice of 14% primarily from the low-income bracket.
These findings underscore the need for tailored housing initiatives to meet the requirement of various demographic groups. The authority is urged to collaborate with financial institutions to offer flexible and low interest housing loan or mortgage packages.
Notably, sustainability has become a key focus in global property development, and Malaysia is no exception. Market observers believe that Budget 2025 should include policies that encourage green building practices that benefit both the environment and homeowners. Tax incentives or rebates should be granted to developers who incorporate energy-efficient design and use environment-friendly construction materials for their projects, thus accelerating the adoption of sustainable practices in the property sector.
For homeowners, incentives such as grants for solar panels, energy-efficient appliances, and water-saving devices can reduce household expenses while promoting a sustainable, eco-friendly lifestyle. Additionally, introducing green home certification programs that reward
sustainable design would further motivate developers and buyers to prioritise environmental considerations.