Unsold Homes Decrease As Government Boosts Housing Financing
BNN Network, 15 November 2023
Unsold Homes Decrease As Government Boosts Housing Financing
The National Property Information Centre (Napic) has released a report disclosing a total of 26,286 unsold, fully constructed housing units valued at RM18.3 billion in the second quarter of 2023. This signifies a 5.3% drop in unit numbers and a slight 0.6% decrease in value relative to the same period in the preceding year.
The Government’s Response
In response to these figures, the government has pledged to boost housing financing across the nation through the i-Biaya initiative under the Housing Credit Guarantee Scheme (SJKP). Central to this initiative is a financing guarantee of up to RM500,000, specifically targeted towards first-time homebuyers.
Additional Measures
Alongside the i-Biaya initiative, the government is implementing further strategies to combat the issue. These strategies include the creation of an Affordable Housing Index (RMM) based on median income, the encouragement of feasibility studies prior to development, and the establishment of a Big Data Analytics Housing System.
Future Plans
Looking ahead, the government has also proposed to increase the total guarantee amount under the SJKP and to allocate additional funding for housing in the 2024 budget. These actions demonstrate a committed effort to address the current housing surplus and to facilitate easier access to housing financing for Malaysians.
(Web source: https://bnn.network/breaking-news/economy/unsold-homes-decrease-as-government-boosts-housing-financing/)