KUALA LUMPUR, Oct 2 (Bernama) -- PropertyGuru Malaysia has given full support to the Housing and Local Government Ministry's (KPKT) suggestion on the MADANI Deposit scheme in the upcoming Budget 2025.
Its country manager Kenneth Soh said the initiative displayed a clear purpose in the government’s plan to increase the country's home ownership, particularly among struggling first-time buyers.
"The MADANI Deposit initiative is a direct and straightforward contribution that helps young as well as first-time buyers to get on the property ladder," he said in a presentation at PropertyGuru Malaysia Property Pulse Check here today.
He said it is much more difficult to put together an initiative that “affects the overall prices of property” because such an initiative is “much less targeted” and it affects the entire market, Soh said.
Recently, KPKT Minister Nga Kor Ming announced that the ministry is committed to focusing efforts to help young people own homes through the MADANI Deposit scheme.
He said the scheme, aimed at youths aged between 21 and 40, is one of 33 proposals forwarded by KPKT to the Finance Ministry for Budget 2025.
"The maximum MADANI Deposit is RM30,000 for a house priced not more than RM500,000," he said.
Soh also highlighted the importance of the execution and implementation processes to ensure the affordable housing initiative is successfully carried out.
He said the company would like to know more about the execution and implementation processes as the initiative does not involve just one or two projects.
It is about what is being developed (by property developers) and what the community wants.
Soh also projected positive growth for the property market supported by growing demand.
He said the company sees “demand growing” in a more distributed manner and not limited to central areas only; demand is rising for properties located in semi-urban areas.
"The interest rate is fairly stable in Malaysia and our gross domestic product numbers are also fairly healthy. This points to a fairly healthy economy as a whole, and for the real estate sector in particular," he added.
-- BERNAMA
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