KUALA LUMPUR: PropertyGuru Malaysia has "highly" backed the Housing and Local Government Ministry's proposed Madani Deposit initiative, which aims to alleviate the financial burden of homeownership for first-time buyers.
PropertyGuru PropertyGuru Malaysia country manager Kenneth Soh said the initiative will ease the upfront cost of homeownership by reducing deposit requirements for first-time buyers.
Soh said the initiative also opens opportunities for more Malaysians to consider buying homes in emerging areas where property prices may be lower but still offer excellent connectivity and amenities.
"According to PropertyGuru second half of 2024 consumer sentiment study, 50 per cent of respondents desire greater government support in the form of affordable housing schemes, financial subsidies, and policies aimed at reducing the financial burden of homeownership.
"Therefore, I am highly supportive of this because it helps the specific community that needs it. The young buyers, first-time home buyers, want to get into the property ladder," he said at the PropertyGuru Malaysia Property Pulse Check 2024 here, today.
Soh also addressed broader factors that influence the property market, stressing the role of government infrastructure projects and economic initiatives.
He highlighted how infrastructure projects like the MRT have fuelled urban development, particularly in regions like the Klang Valley.
"If you look at the interest around the Rapid Transit System (RTS) project between Johor and Singapore, the demand for properties, both residential and commercial, near RTS stations in Johor has really shot up.
"We see that anything that's additional to the Malaysian economy, whether it's coming from data centres, economic zones or additional infrastructure investment, tends to have that spillover effect," he said.
Soh said the overall property outlook is expected to be positive supported by growing demand for the sector in the second half of 2024.
"We have seen an increasing property demand for semi-urban areas. The stable interest rate, economic growth, and gross domestic product numbers are also fairly healthy. So all points towards a fairly healthy economy as a whole and real estate sector in particular," he added.