PropertyGuru Hopes Govt Will Continue Focus On Affordable Housing In Budget 2025

KUALA LUMPUR, Sept 23 (Bernama) -- PropertyGuru and iProperty have expressed hope Budget 2025 will continue to focus on housing initiatives aimed at underserved communities, including the low-to-middle income segment.

Kenneth Soh, the country manager (Malaysia) of both platforms, said tailored assistance programmes, such as targeted homeownership grants and low cost housing projects, can play a transformative role in improving the lives of Malaysians, especially those in the B40 and lower-middle-income brackets, while promoting social equity in homeownership.

“Furthermore, affordable rental housing should be a key consideration for those not yet ready or able to buy a home. Expanding rent-to-own schemes or creating rental subsidies for lower-income groups can provide secure housing options while helping individuals and families transition to homeownership in the future,” he said in a statement today.

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Soh said the affordability of homes continues to be a central concern for many Malaysians, particularly first-time homebuyers. He added that the government’s commitment to affordable housing projects through programs like the 1Malaysia Housing Programme (PR1MA) and Projek Perumahan Rakyat (PPR) remains crucial in boosting the supply of homes in the affordable range.

According to the PropertyGuru Malaysia Consumer Sentiment Study First Half 2024, PR1MA is the preferred choice for 23 per cent of respondents, especially middle-income earners in their 30s.

Rumah Selangorku was favoured by 15 per cent of respondents, predominantly those married with children, while PPR was chosen by 14 per cent, primarily from the low-income bracket.

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“These findings underscore the need for tailored housing initiatives to meet the preferences of various demographic groups. We urge the government to continue collaborating with financial institutions to offer flexible loan packages, favourable interest rates, and periodically revise policies to align with evolving housing demands,” he said.

Soh also called for Budget 2025 to include policies that encourage green building practices, benefiting both the environment and homeowners.

“Tax incentives or rebates for developers incorporating energy-efficient designs and materials could help accelerate the adoption of sustainable practices in the property sector. For homeowners, incentives such as grants for solar panels, energy-efficient appliances, and water-saving devices can reduce household expenses while promoting a sustainable, eco-friendly lifestyle,” he said.

Additionally, he said introducing green home certification programmes that reward sustainable design would further motivate developers and buyers to prioritise environmental considerations.

-- BERNAMA