Improving Housing Policy to Encourage Homeownership among Young People
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Loading... - Chunhua Dong
- 06 Sep 2024
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Malaysia's housing policy needs to be improved to encourage homeownership among young people. The current trend of renting is ingrained in today's young generation, which may have negative implications on their lives over the long term. Owning a home not only provides a permanent place to live but also serves as an investment with the potential to appreciate in value over time.
Young people need to be more aware of the importance of owning a home and the benefits it brings. They need to prioritize homeownership and plan their finances accordingly. With good financial planning and a better understanding of the real estate market, young people can achieve their dream of owning their own home.
The government has introduced various initiatives to facilitate financing for buyers, such as the i-Biaya scheme, Rent-to-Own scheme, and My First Home scheme. These schemes need to be further promoted to encourage young people to own homes. The government also needs to consider increasing access to housing loans and enhancing opportunities for homeownership among people in the low-income category.
The government is committed to developing affordable housing for the bottom 40% (B40) income group, including the People's Housing Programme (PPR) and Rumah Mesra Rakyat (RMR) schemes. The government has also announced the Rumah Belia Madani initiative, which aims to provide transitional housing for youths aged 35 and below.
To encourage the construction of more affordably-priced houses, the government has stipulated that housing developers provide at least 30% affordable housing in any new housing development. The government is also offering incentives to developers, such as reduced deposit requirements and fast-tracked approval processes.
The government needs to address bureaucratic delays that contribute to increased construction costs and subsequently higher house prices. By expediting approvals and ensuring a fast, accurate, and transparent process in the housing sector, the government can stimulate investment and improve the ease of doing business in Malaysia.
Improving housing policy to encourage homeownership among young people requires a multi-faceted approach. By increasing awareness and financial planning, promoting government initiatives, developing affordable housing projects, offering incentives to developers, and addressing bureaucratic delays, the government can help young people achieve their dream of owning their own home.
