( Kuala Lumpur, 14th July 2020 ) The real estate website iProperty.com pointed out that despite the impact of the new crown pneumonia epidemic, Malaysian consumers' interest in buying real estate has not diminished.
According to a consumer survey published by iProperty.com, a total of 44% of respondents were interested in buying real estate before the MCO. Among these interviewees, a total of 28% suspended their plans to purchase real estate after Prime Minister Tan Sri Muhyiddin announced on March 16 that he would implement the restriction order. More than one-third (38%) of the respondents who suspended their home purchase plans said they are waiting for property prices to fall and are still open to reasonable property transactions.
It can be seen from the online list that there are two major factors that influence the decision of home buyers, namely the valuation of the property and the clear listing of the space and design of the relevant property.
In addition, the survey also found that the restrictions did not affect consumers' interest in buying real estate. After the government announced the implementation of the restriction order, the number of people who wanted to buy real estate increased to 45%.
iProperty.com conducts consumer surveys from May 11 to June 1 in order to understand the trend and impact of Malaysians' housing purchases during the period of the restriction. The survey also analyzes the purchase interest of home buyers before, during and after the restrictions. According to this survey, despite the impact of the new crown pneumonia epidemic, the buying interest of Malaysians is still encouraging.
It is worth mentioning that 24% of the respondents did not want to buy real estate before the movement restriction order, but started looking for real estate after the movement restriction order was announced. Most interviewees see the current market environment as a good opportunity to buy their first house, upgrade existing houses or invest in real estate. In addition, a small number of interviewees said that they moved from large houses to smaller houses or moved to more convenient locations.
Waiting for property prices to fall
In addition, another 10% of respondents did not seek to purchase real estate after the restriction order, but they were open to reasonable real estate transactions. Therefore, 55% of the respondents who intend to buy a house after the restriction order.
Nonetheless, 92% of respondents who actively seek real estate said that they have not yet prepared a transaction. 49% of respondents said they are waiting for real estate prices to drop, while 43% of respondents are also looking for suitable real estate and making careful financial planning.
On the other hand, 90% of respondents believe that factors that can reduce their decision-making pressure are measures such as zero down payment, developer discounts and legal fee subsidies. In addition to these options, a total of 81% of the respondents also seek honest and reliable developers or agents.
Accept virtual inspections
At the same time, 89% of home seekers can also accept to view the house in a virtual tour mode. 75% of the respondents believe that virtual inspections can help them decide whether to visit the house in person. The remaining 14% said that virtual inspections were enough to allow them to decide whether to buy or rent the house.
83% of respondents want to get the latest real estate transaction information, such as new real estate being promoted or resale of properties at a reasonable price, while 54% of respondents are more interested in market insights and data. This can help them better grasp the current situation of the real estate market.
This positive survey result also reflects the timely launch of the "Home Ownership (HOC)" program. Under this plan, as long as the purchase of a house of RM300,000 to RM2.5 million, the loan contract and the transfer of property ownership are sound, and stamp duty can be exempted. This will help ease the financial burden of home buyers.
**Info & Image are taken online
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