The wait for cheaper properties may soon be over

How often have we heard that property prices are on the way down? Too long in fact. Well, maybe this upcoming forecast will come true; for new and completed properties.

According to an article in EdgeProp.my, the Ministry of Housing and Local Government (KPKT) announced that the National Homeownership Campaign, which was revived in Budget 2019 to tackle the high number of unsold homes in the country, will be launched on March 1 and feature some 30,115 completed homes.

It will be unveiled in a three-day event at the Kuala Lumpur Convention Centre. Its Minister Zuraida Kamaruddin said the campaign will involve 180 developers and banks that will assist buyers with their loan applications.

She said, “We are bringing back the homeownership campaign that was held in 1998. It is good to take all overhang units to be exhibited [at the campaign] and offer them to buyers at a discount.”

As for the discount, she said that it will be AT LEAST 10%. Of the 30,115 homes to be showcased, 10,410 units will be priced below RM300,000; 7,561 units priced between RM300,000 and RM500,000 while the remaining 12,144 units will be priced at RM501,000 and above.

If home buyers somehow miss the three-day event, this discount will continue to be made available to them for a tentative period of one year after the launch.

Okay, everyone who’s been waiting for new properties should go all out to save as much as they can for the next 12-15 months.

For those who already have a sufficient downpayment, then the choices continue to include not just new properties but also the secondary market.

May even be better if all these properties could be listed somewhere for everyone to browse well in advance too. Without property, it may well be poverty.

This article first appeared in kopiandproperty.com

Charles Tan blogs at property investment site kopiandproperty. He dislikes property speculators and disagrees that renting is better than buying. He thinks it’s either property or poverty. He is presently the CEO of an auction house auctioning assets beyond just properties.