The Covid-19 pandemic has undoubtedly resulted in hardships and obstacles for Malaysians. Many have lost their sources of income and livelihood due to the pandemic and the ensuing lockdowns.
However, according to a recent survey by PropertyGuru, the desire to own a home in the future remains strong among Malaysians.
The biannual survey titled the ‘Malaysia Consumer Sentiment Study H2 2021’ revealed that despite a year full of hardships, sentiments on property remained positive this year as a majority of Malaysians are still looking to own a property.
It found that 4 in 5 Malaysians surveyed intend to buy properties in Malaysia in the future. A total of 1,002 respondents were interviewed via online questionnaires for this study.
45 per cent cite investment as the main reason for purchasing a home whilst 65 per cent believe that living near health-related services is important.
The study which found that 73 per cent of its participants are looking to change their home situation after spending more time at home due to Covid-19 also revealed that 38 per cent want to renovate or repurpose certain areas of their home and 35 per cent are starting to think more about owning a home or moving out of their current location.
However, the study also found a few main barriers which are holding people back from buying a home in 2021. These include:
- High property prices (87%),
- Inability to get home loans from banks (55%),
- Downpayment (54%),
- Loss of income due to COVID-19 (42%)
- Interest rate (36%),
- Political instability (25%)
Sheldon Fernandez who is Country Manager of PropertyGuru Malaysia said that “Malaysia has undergone various forms of lockdowns in the last 17 months, and this extended time at home has made more people realise the importance and benefits of having a space of their own, especially in the age of remote working.”
Overall the study indicates that the pandemic’s effect on the way Malaysians view homeownership is more prominent now compared to last year.
It shows confidence in the property market for long-term capital appreciation, increasing desire for homeownership and the importance of owning a conducive living space. However, the inability to find and own property within one’s budget remains a challenge.
Do check out the study here.
What do you think of this? Are you looking to own a house? Let us know in the comments.
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