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Malaysians Wants Better Control Of House Prices, Says iProperty

Last update: 01/10/2014KUALA LUMPUR, Oct 1 (Bernama) -- Malaysians are hoping the government will introduce measures in the 2015 Budget to better control house prices, an efficient public transportation system and more low cost and affordable housing schemes, according to the findings of an online survey conducted by iProperty.com, Malaysia's leading property portal.

iProperty said it was not surprising as survey respondents viewed the current level of property prices as very unaffordable.

iProperty Group Managing Director and Chief Executive Officer Georg Chmiel said rising property prices, tighter bank regulations on housing loans, topped with the removal of the Developer Interest Bearing Scheme has made it more difficult for property buyers, especially first time home buyers, to purchase any property.

"As such, it is not surprising that Malaysians are calling for the government to step up their efforts in building more affordable housing in strategic locations along with better public transportation in the 2015 Budget," said Chmiel in a statement.

He added that in light of Malaysia's relatively young population and labour force, increasing urbanisation and the general inclination to own a house, there would be a strong demand for affordable residential properties in major urban centres which are priced below MR500,000.

With such high demand, the government should look into giving developers more incentives to build properties within this stipulated budget and help meet the demand from property buyers, he said.

-- BERNAMA