Explore the survey results revealing Malaysians’ intentions regarding property ownership in 2023.
SELANGOR, 7 August 2023 – Malaysians have their sights set on the real estate market as 2023 progresses, with many considering the possibility of buying property. We polled our users to get feedback so that we could better understand the thoughts of potential customers. The findings provided light on Malaysians’ goals and reservations regarding property ownership.
About 46.21 percent of our surveyors plan to buy a home in 2023. Their choice was made for a variety of reasons, which reflected the wide range of aspirations and objectives Malaysians had for the property market.
- Investment
The interest in property investing was the main justification offered by those seeking to purchase real estate. Property has traditionally been seen as a reliable investment since it has the ability to increase in value and produce rental income. It is not surprising that investors are eager to seize the opportunities presented by the property market given its continued resiliency. - Home
Purchasing property helped some of the respondents move closer to realizing their dream of owning a home. As a result of the significance Malaysians attach to security, stability, and the sense of pride that comes with homeownership, the desire to own a home continues to be a major driving force. - Larger Space
The demands placed on individuals and families change as life goes on. Many of the respondents wanted a larger living area, either to accommodate a growing family or just to live more comfortably. - Retirement Plan
A significant majority of potential purchasers want to guarantee their future by buying a home for retirement. Many Malaysians are making long-term plans to assure a comfortable retirement because real estate has long been regarded as a dependable way to accumulate wealth.
However, 19.32% of respondents said they would not be purchasing real estate in 2023. This group gave a number of explanations for why they were hesitant to buy.
- Limited funding
Lack of money was the main obstacle that those who decided not to own property encountered. Many Malaysians feel hesitant to take the step towards homeownership due to rising property prices and other financial obligations. - The Impact of OPR, or Overnight Policy Rate
The current Overnight Policy Rate (OPR), which is 3%, has also contributed to the decline in sales of the property. The cost of borrowing money increases as the OPR rises, making it more difficult for people who rely on loans to purchase real estate. - Investment preference
Some survey participants preferred stock investments over real estate purchases. Some people are expecting for potentially larger profits in different channels due to the availability of other investment options.
21.59% of those surveyed were undetermined, saying they might buy a home in 2023 but only if particular criteria were met.
- Timing
The vast majority of this group waited to act until the ideal moment and better offers given to them. Their caution emphasizes a strategic approach to real estate investing, a long-term perspective on homeownership, and careful evaluation of individual circumstances and plans.
Due to doubts and worries, the remaining 12.88% of respondents weren’t sure if they wanted to purchase property in 2023.
- Financial instability
Financial instability was a significant role in this uncertainty, reflecting the cautious attitude of many of our consumers in the face of a constantly shifting economic environment. In addition, a lot of people in this nation struggle to finance home ownership due to poor income and high debt levels. - Monthly Commitments issue
While considering the responsibilities and implications of property ownership, several respondents found that the idea of hefty monthly financial obligations prevented them from making a choice. Some people are unwilling to alter their lifestyles to fit these obligations, while others worry about how owning a property would influence their financial security.
The findings from the survey show a wide range of reasons and worries influencing the choices of potential purchasers. Property continues to hold a significant interest for Malaysians, whether it is for investment, own a home, or future planning. However, limited funding, economic reasons, and investment options continue to influence many people’s choices, creating a mixture of enthusiastic purchasers, uncertain observers, and thoughtful strategists in the real estate market.
The market may change as the year goes on, but Malaysians can navigate this dynamic market and make their dreams of owning a home a reality with the appropriate information and direction.
