Recent Study Shows 7 In 10 Malaysians Are Looking To Change Their Current Home Situation
38% want to renovate or repurpose parts of their home, while 35% are thinking about owning a home or moving out of their current location.
By Jeremy Ng — 02 Sep 2021, 05:10 PM
A recent study by PropertyGuru found that a majority of Malaysians would still like to buy a property, despite the current situation
PropertyGuru's biannual Consumer Sentiment Study for the second half of 2021 found that 4 in 5 Malaysians surveyed intend to buy properties in Malaysia in the future. A total of 1,002 respondents were interviewed via online questionnaires for this study.
Nevertheless, there are a few main barriers holding people back from buying a home in 2021:
- High property prices (87%)
- Inability to get home loans from banks (55%)
- Downpayment (54%)
- Loss of income due to COVID-19 (42%)
In fact, the way that Malaysians view their home situation has changed tremendously over the past two years
"Malaysia has undergone various forms of lockdowns in the last 17 months, and this extended time at home has made more people realise the importance and benefits of having a space of their own, especially in the age of remote working," said Sheldon Fernandez, Country Manager of PropertyGuru Malaysia.
For instance, those who do not own a home are starting to open up to the idea of having a place of their own
Renters (74%), individuals who live with their parents (63%), and those in the low-income group (50%) are thinking more about owning a home now after a prolonged lockdown.
Due to the prolonged lockdown, 7 in 10 Malaysians are looking for a change in their current home situation
38% want to renovate or repurpose parts of their home, while 35% are thinking about owning a home or moving out of their current location.
When it comes to what to look for in a home, one of the most important things is having additional space for a home office
84% of Malaysians who work from home consider it important to have an additional room as a home office. Some of the top features to have for a conducive home office include:
- High-speed internet infrastructure
- Natural lighting
- Air ventilation
- Smart cooling systems
