House ownership among the young generation is an issue of heated debate that needs to be addressed. Some are saying that property prices in Kota Kinabalu are expensive and unaffordable for the millennial.
A preliminary study on house ownership in Kota Kinabalu among the younger generation conducted since 2016, involved 400 individuals aged between 24 - 39. In terms of income group, 67% of the respondents come from those who earn RM3000 and above.
The respondents were asked whether or not they found it difficult to obtain a housing loan due to the selling price of the property. Based on this question, 97% percent of the respondents say yes that they found it difficult to obtain certain loan amount due to house price.
The findings indicate that 79% think that houses in Kota Kinabalu are expensive due to the selling price being set as high/too high. 12% believe that it is due to the fact that the demand for houses in Kota Kinabalu is greater than the supply of houses.
The survey findings also indicated that 94% believe low-cost housing supply is not sufficient. Based on the preliminary study, it is clear that generally the millennial thinks that house price in Kota Kinabalu is expensive and the supply of houses is not sufficient.
To conclude this, there are a handful of young adults who would much prefer investing in primary markets instead of buying sub-sale properties. With a salary of RM3,000 and above, it is possible to get your investment journey kicking. Whilst there are plenty of options to choose from, one can start their investment journey by looking into investing in secondary properties first.. Here are some examples of both primary and secondary properties which one can look into with a salary of RM3,000 and above. Of course, it is always advisable to buy something within your means!
Primary Properties 1. University Utama Condominium
Secondary Properties 1. Beverly Hills 2. Cybercity
The survey was conducted by Dr Rafiq, an economist and Senior Lecturer from Financial Economics Program, Faculty of Business, Economics and Accountancy, Universiti Malaysia Sabah.