MALAYSIA-AFFORDABLE HOUSING: BEYOND REACH
Putrajaya, Sept 2013. Wikimedia Commons
The New Straits Times-Oct 12
Everyone needs a roof over his head but affordability remains an issue. Bank Negara Malaysia’s Quarterly Bulletin for the fourth quarter of 2017 stated that houses remained seriously unaffordable in 2016 by international standards with a median multiple of 5.0. As BNM puts it, under the median multiple approach, housing is said to be affordable if median house prices are less than three times annual median household income. According to the BNM’s publication, the maximum affordable house price in 2016 was RM282,000. But in reality the median house price in the market was RM313,000, putting them “beyond the means of many, where the median national household income was only RM5,228”.
First published in: The New Straits Times