Young Buyer Flock to Property Market

After interest rate cuts from government, the property developers’ sales seeing to be better. Therefore, it attracts buyer interest, especially from younger buyer.

The increase in younger buyers was due to a conscious strategic effort made by the group to appeal to this target market, said by president of Eco World, Datuk Chang Khim Wah.

During year 2015 the percentage of younger buyer was around 43% and today is more than 70%.

The prolonged MCO period has made many young people realise that the quality of home and living environment is important, said Chang.

For Mah Sing Group Bhd chief executive officer Datuk Ho Hon Sang said 84% of target sales for 2020 are for residential priced below RM700k with key focus on affordable segment and the majority buyers comprised those for aged below 35.

Property data, analytics and solutions provider MyProperty Data chief executive officer Thor Joe Hock said the median age for residential property transactions has gradually dropped over the years.

MIDF Research report most recent said the aggressive overnight policy rate (OPR) cuts have improved home buyers’ purchasing power.

Under the Short-Term Economic Recovery Plan (Penjana), which was announced in June, the government reintroduced the Home Ownership Campaign (HOC). Under the HOC, stamp duty exemption will be provided in the transfer of property and loan agreement for the purchase of home priced between RM300k and RM2.5mil.


Source: TheStar