'Homeless generation' a real possibility
Published on: Thursday, August 27, 2015
Stringent methods need to be taken by stakeholders to address soaring house prices.National House Buyers Association (HBA) Secretary-General Chang Kim Loong said failure to address the issues would result in a "homeless generation" as most would not be able to afford homes."HBA has said this many times before that property prices have risen beyond the reach of a majority of Malaysians.
ADVERTISEMENT
"Unless serious measures are taken by the relevant stakeholders, a homeless generation will surface and this could bring about social problems," he said.A study by Khazanah Research Institute (KRI) revealed that average house prices in Malaysia were more than four times the median income of its population, thus making houses seriously unaffordable.Penang has been rated severely unaffordable, while Selangor has a median house price of RM300, 000 a moderately unaffordable level.Chang said the findings would help in implementing reforms in the housing industry so that the younger generations could buy homes. "This report will serve as an informal guide to developers on how to build and whom to cater for."
ADVERTISEMENT
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
