MORE THAN 90% NOT AFFORD TO PURCHASE

PKR National Supreme Council member cum PKR Sabah Secretary – Dr Roland Chia  is very  concern with the recent online survey conducted in Feb 2013 by a reputable property group – which indicated that an extremely high number of Malaysians find houses beyond their reach.

The online poll is indeed an alarming figure given the fact that our country Malaysia is a resource rich country with oil, gas, palm oil & vast parcel of land with only a population of 28 million citizens.

The online survey poll indicated that 90% are saying that the current property prices are unaffordable. 69% of respondent polled were calling for more affordable housing – which is a great concern for house buyers.

While 16% has appeared to have given up on looking for homes as their house prices is beyond their purchasing capabilities. There is a indication that property prices rises faster than the income of house buyers.

Dr Roland Chia was very concern because more than 60% of those polled in the survey falls into the lower middle income and middle income group that has annual income of RM30,000 – RM80,000.

If this situation were to worsen- then there will be a “middle income trap” whereby the wages of the middle income group will not be able to finance basic necessities like housing - the first home for themselves or even their childrens’ education.

When we compare our GDP per capita with other countries, South Korea’s GDP per capita is US$16,450, Singapore US$34,346, Hong Kong US$29,559, while Malaysia is still at US$7,469. It must be remembered that in the early 1970s, we were at parity with these countries.

In five years’ time they would be even further ahead. The rakyat must resolve to do much soul searching- what is the reason for the disparity of GDP per capita after 50 years of independence in this forthcoming 13th Edition of General Election in Sabah & Malaysia.