As the Malaysian economy starts to focus on its recovery after over 2 years of lockdowns and movement restrictions, many in the property sector are now looking at how this have impacted the property market demand in Malaysia, especially for key regions such as Klang Valley.
Understanding the Malaysian housing demand among home buyers is vital for property developers to avoid housing overhang. It is imperative that property developers take into consideration this insight when strategizing their development plan to prevent mismatching the home buyer’s demand.
A recent home buyer survey conducted by Vodus Research has given a clear insight into the current state of the housing demand for 2022, with a particular focus on where this demand is, providing vital insights for property developers to understand where they should focus their attention to cater for this demand.
There have been many reports in the news that the property market has weakened, and people are not making any purchases due to the fear of uncertainty. However, with the recent lifting of many SOPs and restrictions for COVID, and the reopening of borders, we are seeing a steady recovery of businesses and traffic across many sectors – including the property market.
So where are the key hotspots for property demand? What type of housing do people want after COVID? What kind of budget will they be willing to spend? All these are questions which are important for property developers getting ready to re-active the market.
Acknowledging the lack of reliable and up-to-date data from the demand-side (home buyers), Vodus Research has conducted a survey on 25,000 Malaysian adults living in Klang Valley to map out the insights and provide answers to the questions above.
In this study, known as the Vodus Klang Valley Home Buyer Survey 2022, we covered 11 districts in Kuala Lumpur and 22 districts across Selangor. So, what’s the current demand for property? Let us share the key summary points.
Most Malaysians in Klang Valley are still looking to own Terrace Houses followed by Condos and Apartments. Most buyers would like to have at least 3 bedrooms – this could be driven by the change of more people working from home and needing space for a home office.
In Kuala Lumpur, the top 3 popular areas for housing are Bukit Jalil, Cheras/Bandar Tun Razak, KLCC/Kuala Lumpur Sentral. The strong demand for Bukit Jalil is reflective of the many developments and upgrades around the area such as Pavillon Mall Bukit Jalil. Most of these potential buyers are young adults aged 25-34 years old and more likely to be Chinese. Budget wise, 2 of out 5 people are considering spending between RM750k- RM 1millon.
In Selangor, the top 3 popular areas for housing are Shah Alam, Subang/Sunway and Petaling Jaya. There have been many developments around Shah Alam to make the areas more self-sustainable and suitable for community living. Most of these potential buyers are young adults 25-34 years as well and are more likely to be Malay. However, we see a smaller budget for this area, in the region of RM250K-RM500K.
We are seeing a slow but sure recovery of the economy with consumer spending increasing progressively as well. As more and more Malaysians find stability in their jobs and start to make long term plans for the future again, this recovery will start to trickle down to the property market soon. Hence, it is the right time for property developers to start planning and identifying the right hotspots to build dream homes across Klang Valley through the Vodus Klang Valley Home Buyer Survey 2022.
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