KUALA LUMPUR, Feb 8 — Property portal iProperty.com.my has released findings that indicated that the overall median housing affordability stood at RM474,900 and median home loan instalment at about RM2,000.
The data was collected from January 1, 2021 to December 31, 2021, based on the 2021 user data of LoanCare, the portal’s home loan eligibility indicator.
PropertyGuru Malaysia country manager Shylendra Nathan said it was encouraging to see that the median affordability among young property seekers is within the price range of one-third of new units coming onto the housing market in the third quarter of 2021.
“We are pleased to see that property developers are launching residential properties that correspond with the demand of first-time homebuyers, who typically have lower median affordability.
“Considering the impact of Covid-19 on the purchasing power of many Malaysians, it is more crucial than ever for property prices to align with the financial capabilities of first-time buyers,” he said in a statement today.
According to the findings, users of the home loan eligibility indicator comprise various age groups, with the bulk aged between 25 and 34 (57 per cent), followed by 35-44 (26 per cent), 18-24 (10 per cent), 45-54 (7.0 per cent), and the remaining is made up of users aged 55 and above.
LoanCare is part of iProperty.com.my’s efforts to support homeownership among Malaysians and the portal is on a mission to be Southeast Asia’s property trust platform by providing comprehensive data and insights that optimise property search and decision-making.
Shylendra said property seekers would do well to have a complete picture, and LoanCare provides them with this edge by helping them calculate their debt service ratio and compare their own home loan eligibility across up to 17 banks in Malaysia.
Comparing the different age groups of LoanCare users in 2021, the lower end of the median housing affordability spectrum is made up of 18 to 24-year-olds (RM319,461) and 25 to 34-year-olds (RM438,300).
iProperty noted that their median affordability is within the RM300,001 to RM500,000 price range of 34 per cent of all newly launched residential units in the third quarter of 2021, as reported by the National Property Information Centre (NAPIC) in its Property Market Q3 2021 Snapshot.
The mature property-seeking groups who used Loancare recorded median housing affordability of RM872,988 (45 to 54-years-old), RM667,226 (55-64), and RM664,724 (35-44), said the portal. — Bernama
