[Special] 30 Years Transformation of Malaysian Property Market: Past, Present, and Future
As we know, Malaysia's Independence Day is around the corner, and our country has celebrated 60 years of independence. Over these years, our nation has undergone remarkable development, leading to significant changes in the lifestyles of its people. This transformation, in turn, has profoundly impacted various aspects of society, including the dynamic world of real estate.
1990: Nostalgia for the Past
Think back to 1990 when things were really different. Back then, houses were much cheaper compared to today. Here's a look at the price range for homes in various parts of Malaysia back then:
This is the most common property type in Malaysia. It is a detached house that a single family typically owns.
This housing unit is part of a larger building. Apartments are typically located in urban areas and are more affordable than single-family homes.
This type of house is attached to other houses on either side. Terraced houses are typically less expensive than single-family homes and are more common in urban areas.
2023 and Beyond: A Glimpse into Tomorrow
With Malaysia's growth and changes in the world, the cost of homes has risen. Here's a peek at the current price range for homes in different parts of Malaysia:
Condo: Soaring to New Heights
The condo lifestyle has been on a steady rise since the 1990s, but it truly took flight in the early 2000s, riding the wave of economic prosperity.
As Malaysia embraces urbanization, cities are swelling with individuals pursuing education and career opportunities. This surge in urban living has sparked a demand for housing in these bustling hubs, with condominiums emerging as an attractive choice, given their affordability in comparison to traditional single-family homes.
Besides, the middle class in Malaysia is growing, and this group of people is increasingly looking for housing options that are convenient and luxurious. Condominiums offer a good mix of both, as they are typically located in central locations and offer amenities such as swimming pools, gyms, and security guards.
The emergence of co-living spaces
Co-living spaces have emerged as a game-changer in an era of flexibility and shared experiences. These dynamic living arrangements provide an alternative to traditional housing, catering to young professionals and fostering a sense of community.
Green and Sustainable design
Malaysia's growing concern for the environment has given rise to sustainable design practices. Energy-efficient appliances, rainwater harvesting systems, and green rooftops are becoming more common, reflecting a collective commitment to combatting climate change.
Smart home technology
The advent of smart home technology has reshaped how Malaysians interact with their living spaces. With a few taps on a smartphone, residents can adjust lighting, temperature, and security, creating a seamless and futuristic living experience
A Competitive Rental Arena
With an expanding array of rental options and a growing tenant base, the rental market has transformed into a dynamic and competitive arena. The increased availability of rental properties and a corresponding surge in tenants actively seeking homes have heightened the competition for the perfect living space.
The Change of the Tenant Pool
A surge in young professionals and families seeking rental properties, along with an influx of foreign nationals, has reshaped the tenant profile, creating a mosaic of diverse individuals and families.
And here's something revolutionary for tenants! Imagine stepping into a new home without fretting over hefty deposits. With BlueDuck Zero Deposit Program, finding your new place is hassle-free, making homes easier to rent than ever!
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