Do you know that the median property price for KL is RM530,000 for 2016? Source: NAPIC, Malaysia. Median household income for KL? RM9,073 for 2016. Source: Department of Statistics, Malaysia. The approval rate thus far? 77 percent. In other words, nearly 80 percent of all applicants do get their loans approved. Take a look at the stats from housingwatch.my What about Penang properties? Median property prices at RM355,000 and the household income is at RM5,409. 76.3 percent of anyone who applied for a home loan in Penang gets approved. Yes, I consider this to be a high number still and nowhere near the ‘sure cannot get loan’ comments prevalent today. If we look at just these median numbers, it seems that KLites should find it easier to buy a home compared to Penangites. After 5 years working in KL, I think I prefer the environment and the opportunity here even if I still love Penang a lot and still have homes there. These days, I travel there nearly weekly too as my HQ is there.
Here’s the image for Penang property market. We could see that the approval rate was highest in 2015 for Penang and has continued to drop over the next two years. Look carefully and you would notice that the approval rate for homes above RM500k is higher! Yea, it is easy to note that the wealthier ones are still buying and banks generally love them. For all the other states, do view the site or click here for direct link. Still not enough information yet to make your decision whether to buy or not to buy that property? Well, besides this property blog that you are reading, housingwatch.my is another new one and pretty informative too. While I am not sure who’s maintaining it but the person seems to pick articles from many media organisations in Malaysia today. We will see if it picks anything from kopiandproperty.my in the future.
Do note however that one must still understand enough to make sense of all the articles because I found many articles telling readers that rental is a good aim instead of just buying. I think it may make more sense to buy within one’s own affordability and not renting and keep making the owners of many units rich and happy. To buy, of course one would need to really save… Beyond just information, there are also some good tools for everyone to use. Readit here: Some resources we have for our investment Will keep reporting new informative sites as and when I found them. Happy buying?written on 8 Dec 2017
Next suggested article: Risky to buy or risky not to buy?
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