ARE the Malaysian government’s housing initiatives, such as the national Home Ownership Campaign (HOC) and programmes under the National Affordable Housing Council, able to bridge the gap between home availability and pricing?
PropertyGuru Malaysia country manager Sheldon Fernandez feels that these initiatives are not enough to address the financing issues faced by the “Generation Rent” in purchasing properties.
Generation Rent are millennials who rent houses for long periods, mainly because they cannot afford to buy a house due to their income and lifestyle.
Home ownership in Malaysia is increasingly becoming out of reach for young people—a situation aggravated by the challenging labour market for youth, rising student debt and higher cost of living. Millennials also tend to spend more on cars, smartphones, food and travel. These make it more difficult for them to leave the comfort of their nest and move on to have their own home.
