7 Things Malaysians Want With Their Homes (Part 1)
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It seems that homebuyers, with our widely differing tastes and preferences, simply do not have access to the expected range of real estate options.
The problem of rapidly increasing numbers of completed but unsold real estate far outpacing the numbers of willing and able homebuyers have been addressed with reduced interest rates, fee waivers, innovative crowdfunding platforms, affordable home initiatives, as well as various home ownership schemes such as rent-to-own programmes, but the surplus of unsold homes around the country persists – apparently stretching beyond the financial reach of the average Malaysian.
Based on the results of StarProperty annual Buyer Sentiment Survey and series of Facebook polls, the root of the problem appears to reside beyond developers maintaining profitable margins or prospective homebuyers failing to secure the necessary financing. If you’re wondering why there seem to be so many potential homeowners renting or living with their parents instead, read on to discover the seven things Malaysians really want with their homes.
1. Freehold Land
Among Facebook users polled between the months of April and July this year, the majority (78%) indicated a preference for properties with freehold titles over leasehold titles.
Do you prefer buying freehold or leasehold?
In another Facebook poll conducted during a similar period, the majority of respondents (65%) indicated a preference for landed properties over strata properties.
Would you prefer to buy a home that is landed or on a strata title?
The majority (65%) of respondents stated that they would prefer landed properties instead of strata properties.
The renewal of leasehold titles is an expensive endeavour, coupled with the scarcity of land, the apparent defeasibility of freehold titles under the Land Acquisition Act 1960, in addition to the relative rarity of title conversions, the majority of homebuyers are often left disappointed at being unable to secure their most preferred variety of real estate.