Highlights:
- Malaysia is experiencing one of the lowest interest-rate regime ever, and the status quo is expected to remain until there is more clarity on the national and international front.
- As a result of a slow global economy, Bank Negara said last November that it would maintain the overnight policy rate (OPR) at 3% to sustain the resilient domestic demand.
- While cost of funding is perceived to be low, house prices remain unaffordably and high with each subsequent developer's launch.
- The fact that affordable housing is now priced from RM400,000 onwards is an indication that something needs to be done soon.
- The days when a first-time house buyer is able to buy a unit below RM200,000 in the Klang Valley is fast diminishing because developers are building for those who can afford to pay.
- Malaysia household income debt ratio is relatively high with 55% of the households are burdened with a third of their household income going towards the payment of their property and car loans.
- The number of potential buyers who walked away has doubled the past one year because they are unable to get the amount of loan they need to go ahead with the purchase.
- In January, 2012, banks began processing loan applications based on net income after income tax, Socso and other loan commitments.
- This has resulted in buyers jointly making a purchase; sometimes with a younger person in order to leverage on the younger person's earning capabilities.
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