1.33mil Malaysian families don't own a house in 2014

Households that do not own a house and are still renting were estimated to number 1.33 million families up till 2014, according to the urban wellbeing, housing and local government ministry, citing data from the Statistics Department.

To help Malaysians purchase residential property, the government, through the ministry of finance, has launched several funding programmes, including financing options for first-time homebuyers like 'Skim Rumah Pertamaku' (SRP) and the provision of funding via Syarikat Jaminan Kredit Perumahan (SJKP) or Housing Loan Guarantee Scheme.

The SRP offers up to 100% financing for houses priced at a maximum RM500,000.

Malaysian millennials want their own homes

The home ownership rate among millennials in Malaysia is expected to rise in the next five years.

“More people in this group will be more willing to buy houses in the outskirt areas with improved infrastructure going forward,” said HSBC Bank Malaysia Bhd (HSBC) head of retail banking and wealth management Lim Eng Seong (pictured) in a briefing on the results of a global home ownership study commissioned by HSBC Holdings Plc, today.

Property market needs strong catalysts

There is a need for strong catalysts to spur property buyers' interest if we want to see the property market improve and accelerate into overdrive mode.

Speaking at The Edge Investment Forum on Real Estate 2017 themed “Have we hit rock bottom? What’s next?”, Kenanga Investment Bank Bhd head of equity research Sarah Lim (pictured) noted that the continues improvement in property loan indicators and the loosening of banking regulations could be strong catalysts for the Malaysian property market.