Redha have requested that the government takes action to help first time buyers.Â
First time buyers are the one demographic who often find it the hardest to reach the first rung of the property ladder. Encouraged to invest in property to safeguard their futureÂ much of the younger population are still determined to own their piece of property with Malaysians leading the pack globally wanting to fulfill this dream. However first time buyers face challenges to reach this goal. Saving for a deposit and ensuring that they sufficient funds to pay all necessary taxes are reasons for this.
Hence the Real Estate and Housing Developers’ Association (Rehda) has made a plea to help boast first time buyers chances. Suggesting a combination of factors to the government. These include offering this segment of buyers a lower mortgage interest rate. Plus a longer term for the loan to help ease the repayments.Â This is on top of easing regulations for properties under MYR 500,000.
This according to Redha’s president,Â Datuk Seri Fateh Iskandar Mohamed Mansor, would state these suggestions would assist those first time buyers who have “financing issues”. At the same time he said that the MyHome Scheme already in place is a success. Implemented by the federal government it offers a MYR 30,000 incentive for every built affordable home.Â Fateh Iskandar made this comments in a bid to help locals compete with investors from China who are keen to snap up Malaysian property sometimes leaving the domestic market behind.
On top of this he also asked the government to looker closer at existing housing policies. Challenges arise when building property due to varying policies on a state and federal level. This he feels has created a “bottleneck in housing supply” which only goes to hinder first time buyers further. Plus Fateh Iskandar final request was to address where affordable housing is built. Stating that many are situated in unsuitable locations thus they do not appeal to the market. A result of developers being encouraged to build in these areas in order for the development to be profitable. He said that the government should considering using their own land for affordable housing.