Recently, The 12th Malaysia Plan (12MP) announced by the government follows a series of guidelines and initiatives set to recover the economy following the Covid-19 pandemic, highlighting the 12th Malaysia plan housing initiatives for the housing market too.
RM400 billion will be allocated to the plan, a significant increase compared to the RM260 billion distributed previously.
Furthermore, the plan’s primary purpose is to recover economic prosperity in the country while also strengthening and preserving the social welfare of fellow Malaysians. However, what does it mean for the housing market?
Table of contents
1. More Affordable Housing Options for B40 and M40 Income Groups
The government is looking into providing quality and affordable housing options for the B40 and M40 households as part of the 12th Malaysia Plan.
Moreover, these housing areas are expected to be placed in strategic locations with innovative and convenient layouts. This bodes well for the housing market, as affordability will allow more Malaysians to buy more households.
2. Revamped Financing Facilities and Programmes
B40 and M40 groups will benefit from updated financing facilities and programmes. These initiatives include:
- Fund for Affordable Housing
- Youth Housing Scheme
- Rent-to-Own Programme
Here are a few other affordable housing schemes in Malaysia as of 2021.
These measures should enable more accessibility for low-income households to enter the property market and purchase a home as proposed in the 12th Malaysia Plan. As a result, the B40 and M40 groups will obtain a better chance to own a home.
3. Plans to Boost Lesser-Developed States May Accelerate Property Market Value
Under the 12th Malaysia plan, efforts will be made to reduce the economic development gap between states and regions. Not only that, efforts to boost the growth of underdeveloped states and rural areas, especially Sabah and Sarawak, will be amplified.
The efforts will include implementing value-added economic activities that will boost through e-commerce platforms, smart agriculture technology and rural industries.
Therefore, It isn’t a stretch to think that more property developments will be constructed once extra measures are implemented to close the gap between rural and urban areas.
Evidently, it seems that the property market will see a positive reception following the 12th Malaysia Plan.
As the 12th Malaysia Plan outline begins to take effect, now is an excellent time to set your sights on investing in that property you’ve always wanted.
No worries, IQI will help you the whole way!