Wednesday, September 29, 2010

Rising prices making it harder for Malaysians to own homes

Sentuhan Bayu: last. It is in the news now. I've been monitoring landed property prices all these years & I must say that it is almost impossible for me to own a house.  And I've been working for more than 10 years now. I guess i have to be realistic & plan not to spend my retirement age in Selangor.

The Star - Sept 29th
KUALA LUMPUR: Soaring property prices over the last four years have made it increasingly difficult for first-time buyers to own houses, MCA president Datuk Seri Dr Chua Soi Lek said.
"A house worth RM250,000 has now gone up to RM500,000, and many Malaysians cannot afford to own a house these days because of that," he said.
Dr Chua urged the Government to make housing more accessible to the people via Bank Negara's control.
"Loans for houses costing below RM500,000 should be kept at 90%. For houses costing above RM500,000, the loan given out should not be more than 80%," he told reporters after chairing the MCA presidential council meeting here Tuesday.Dr Chua also urged developers to give priority to first-time buyers.
"Some properties in hotspots like the Klang Valley, Penang and Kota Kinabalu have the houses all snapped up even before they were launched." Dr Chua said the Government should expedite the conversion of land use so that more land could be developed into housing schemes.
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