housing market
Housing market is defined as the General market of houses being purchased and sold between buyers and sellers either directly by owners or indirectly through brokers. Housing problem is basically the problem of mismatch between the supply and demand for housing and that it can be resolved or at least reduced when a more balanced situation can be achieved. The consumers and producers both face problems and challenges in the housing market.
One of the major problems faced by the consumers is the housing affordability. House price growth nationally does not appear high but in key urban markets, such as Kuala Lumpur and Penang, prices have spiked dramatically giving rise to much discontent, especially among the younger generation, who say they have been priced out of the market as incomes have not kept pace. Besides the young generation, most low to middle income earners experience difficulties in affording decent houses. Based on statistics,
Kuala Lumpur has the country’s most expensive housing, with average house prices of RM497,535 (US$164,241), followed by Sabah and Selangor, with average prices of RM382,414 (US$126,239) and RM372,499 (US$122,966), respectively.
By property type, nationally:
• The average price of terraced houses rose by 7.8% y-o-y to RM211,957 (US$69,969) in Q3 2012
• The high-rise price index soared 9.6% during the year to Q3 2012, to an average price of RM206,973 (US$68,324)
• The average price of detached houses increased 4.8% y-o-y to RM375,202 (US$123,858) in Q3 2012
• The average price of semi-detached houses rose by 5.7% to RM359,849 (US$118,790) over the same period
Another problem that consumers experience is due to the function of mismatches between people’s socioeconomic and cultural situations and their housing processes. Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family’s economic and social position in relation to others,
One of the major problems faced by the consumers is the housing affordability. House price growth nationally does not appear high but in key urban markets, such as Kuala Lumpur and Penang, prices have spiked dramatically giving rise to much discontent, especially among the younger generation, who say they have been priced out of the market as incomes have not kept pace. Besides the young generation, most low to middle income earners experience difficulties in affording decent houses. Based on statistics,
Kuala Lumpur has the country’s most expensive housing, with average house prices of RM497,535 (US$164,241), followed by Sabah and Selangor, with average prices of RM382,414 (US$126,239) and RM372,499 (US$122,966), respectively.
By property type, nationally:
• The average price of terraced houses rose by 7.8% y-o-y to RM211,957 (US$69,969) in Q3 2012
• The high-rise price index soared 9.6% during the year to Q3 2012, to an average price of RM206,973 (US$68,324)
• The average price of detached houses increased 4.8% y-o-y to RM375,202 (US$123,858) in Q3 2012
• The average price of semi-detached houses rose by 5.7% to RM359,849 (US$118,790) over the same period
Another problem that consumers experience is due to the function of mismatches between people’s socioeconomic and cultural situations and their housing processes. Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family’s economic and social position in relation to others,