Article Related To house prices

The government is determined to find solutions to the sudden surge in construction costs as a result of the Russia-Ukraine conflict as it is affecting house prices.

House prices in Malaysia is expected to climb three per cent over the next 12 months and will continue to surge by 12 per cent in the following 12 months on improved outlook.

Malaysian house prices remain seriously unaffordable relative to income, due to a pronounced and prolonged mismatch between demand and supply of residential property.

The Urban Wellbeing, Housing and Local Government Ministry will not support a proposal by developers to lower the ceiling price of houses in Penang for foreign nationals.

Location, premium charges and costs determined by local authorities are among factors which contributed to higher house prices.

The steps taken by the government to control the prices of houses and curb speculation have shown positive results, Urban Wellbeing, Housing and Local Government Ministry said.

Kuala Kangsar MP Datuk Wan Mohammad Khair-il Anuar Wan Ahmad says housing developers' justification that construction materials and land are expensive is a myth.

Perumahan Rakyat 1Malaysia (PR1MA) Bhd has reiterated that its homes have always been priced at between RM100,000 and a maximum of RM400,000.

There are other factors when determining residential property prices, although GST may cause an increase of between one and two per cent.

GST will not affect the prices of houses under the 1Malaysia People's Housing (PR1MA).

The price of houses can be expected to rise by three per cent based on a study by the Real Estate Housing Developers Association of Malaysia (REDHA)

The rapid increase in house prices, particularly in urban areas, have made it extremely difficult for the low-and middle-income earners to own houses.

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