The overall value of unsold residential properties throughout Malaysia has reached a whooping RM22.5 billion, according to Housing and Local Government Minister Zuraida Kamaruddin.
In a report by Bernama, she revealed that 73 percent of the houses consisted of low-cost dwellings costing up to RM250,000.
To address this large overhang, the Housing and Local Government Ministry had talked with the Real Estate and Housing Developers’ Association of Malaysia (REHDA) and other home builders to hold major exhibits.
In particular, the Ministry wants real estate developers to hold expositions on home ownership to dispose the large number of unsold residences just like what was done in 1998 to 1999.
Zuraida revealed this when replying to a query from Bukit Bintang MP Fong Kui Lun, who asked her about the actions being done by the Housing Ministry about of huge residential overhang, which has been partly worsened by the difficulty in obtaining housing loans from financial institutions, such as commercial banks.
Aside from that, the Housing and Local Government Ministry had held meetings with various stakeholders in the property market, including Bank Negara Malaysia (BNM or central bank) to seek their assistance to provide funding schemes intended for home buyers.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
As a property buyer, it is important to be well informed on the buying process and laws governing the housing industry. Read more here!
