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Survey Shows Malaysian Consumers Expect Home Prices to Rise in Year…

Desire for Home Office Is Biggest Change Since the Pandemic

Desire for Home Office Is Biggest Change Since the Pandemic

Eighty-seven per cent of surveyed Malaysian consumers believe real estate prices will be higher than today by the end of 2022. A total of 83% of respondents say a home office or study space is more important than before the pandemic.

Reacting to the findings, Juwai IQI Co-Founder and Group CEO Kashif Ansari said:

“The survey, conducted from September 28 to October 21, 2021, polled respondents from all over Malaysia. It asked consumers if they believe real estate prices will be higher by the end of 2022. Eighty-seven per cent of respondents said, ‘Yes.’

“The ratio was almost identical for both male and female respondents. That is a change from past surveys, in which men were almost uniformly more optimistic than women about property prices.

“We also asked the survey takers if they believe this is a good time to buy a house or an apartment. Ninety per cent of respondents believe this is a good time to buy. Consumers are very positive about home prices over the next 14 months. Undoubtedly, some consumers feel an urgency to buy before prices climb further.

“Covid has changed the way Malaysians want to live. Buyer preferences today are dramatically different than before the pandemic. What Malaysians would like to have in their homes has significantly changed. The need to have more space in a home has become a top priority for many buyers.

“A total of 83% of respondents say that a home office or study space is more important than before the pandemic. Having a larger home has become more important for 72% of respondents. Private green space is more important for 68% of respondents.

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“Perhaps because of the long lockdown, homebuyers today have an intense desire for space. They want to be able to work from home.

“Buyers today want it all. While most Malaysians want more space, 53% of respondents also say building amenities are more important today than before the pandemic.

“Developers are responding by re-drawing floor-plans for their new projects. In some cases, they are choosing to build where land is cheaper so they can afford to offer larger homes.

“We also asked Malaysians how important location is to them. Sixty-four per cent of respondents said being close to the central city is more important today than before the pandemic. Sixty per cent said that being close to a hospital or a clinic was also more important than before Covid struck.

“The pandemic is bringing massive changes to the real estate industry, the way that Malaysians choose to live is different today. Our lifestyle will undoubtedly keep changing in the years to come. This is only the beginning.

“Will the desire for larger homes lead to de-urbanization as people move to rural locations? I don’t think so. The economic and employment activity of the major urban centres in Malaysia is still too important. The cities are centres of gravity that still pull everyone in. I think we are more likely to say an increase in activity in the urban areas that until now have been second-tier. These are locations where land is cheaper and larger homes can be built. They are also still close enough to central city amenities and employment centres.”

ABOUT JUWAI IQI
Juwai IQI is the Asian real estate technology group that empowers residents of Asia to become residents of the world, transacted more than 17,000 properties in 2020 and advertises US$4 trillion of property from 111 countries. We generate 12.9 million monthly active users.

The company offers real estate marketers an end-to-end marketing and sales solution that integrates its super-app, its IQI Global network of more than 21,000 real estate agents, and its online property marketplaces Juwai.com (international real estate portal in China) and Juwai.asia (Asia wide portal for global real estate). Follow Juwai IQI on Twitter, LinkedIn and Facebook and visit https://www.juwaiiqi.com/.

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Source: https://www.prweb.com/releases/survey_shows_malaysian_consumers_expect_home_prices_to_rise_in_year_ahead/prweb18296107.htm

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