According to EdgeProp, Housing and Local Government Minister (KPKT) Zuraida Kamaruddin has announced that the first Home Ownership Expo will showcase over 20,000 units of overhang properties worth RM22.5 billion in March.
There will be attractive discounts and packages for home buyers.
180 developers will participate in this nationwide expo and prospective buyers can expect discounts of at least 10% on the properties. Tentatively, the three-day Home Ownership Expo will be held in March 1 at the Kuala Lumpur Convention Centre.
The minister said, “Among these properties, 24% are priced from RM400,000 and below. Through this expo, we hope developers could clear some of their overhang properties.” She also urged the banking sector to support the expo by providing end-financing to eligible buyers.
The expo aims to clear the backlog of unsold residential properties especially those priced between RM300,000–RM500,000. It is part of the National Home Ownership Campaign.
Earlier reports from the National Property Information Centre (NAPIC) showed the number of unsold homes in the country had reached a record high of 30,115 in 3Q2018, valued at RM19.54 billion. This is a 48.35% increase from 20,304 units in 3Q2017.
For first-time home buyers, a property is a must-have investment. In fact, someone said it’s best to buy a home before buying a car because if we bought a car first, an application for a housing loan may likely get rejected. Buying a house first, then buying a car would be a smarter move.
This article first appeared in kopiandproperty.com
Charles Tan blogs at property investment site kopiandproperty. He dislikes property speculators and disagrees that renting is better than buying. He thinks it’s either property or poverty. He is presently the CEO of an auction house auctioning assets beyond just properties.