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KUALA LUMPUR: Malaysia's renewed push for affordable housing under the 13th Malaysia Plan (13MP) comes at a critical juncture, with economic headwinds and property market softness placing pressure on households and developers.
PropertyGuru and iProperty country manager Kenneth Soh said affordable housing remains a central pillar of the 13MP, with the government targeting the delivery of one million affordable homes by 2035.
Complementary initiatives include the Housing Credit Guarantee Scheme, Rent-to-Own (RTO) programmes, and the creation of a centralised housing agency to coordinate supply nationwide.
These measures are not just about improving homeownership access for the B40 and M40 groups but also about reshaping the housing ecosystem to be more equitable, efficient and resilient, Soh said.
"For B40 households, a rental affordability threshold of around RM1,500 is key, and RTO can help meet immediate affordability challenges. By prioritising accessibility and accountability in housing delivery, Malaysia is not only addressing a pressing market need but also laying the groundwork for a more equitable future," he said.
According to the National Property Information Centre (Napic), Malaysia's property market weakened in the first quarter of 2025 (Q1 2025), with transaction values dropping 8.9 per cent year-on-year to RM51.42 billion and volumes falling 6.2 per cent.
A total of 12,498 new residential units were launched, but only 11 per cent were sold within three months. Mid-range properties between RM400,001 and RM500,000 led supply, while terraced houses accounted for nearly 40 per cent of new launches.
Johor saw the highest number of launches, followed by Selangor, Negeri Sembilan and Perak.
Napic also reported 23,515 overhang units nationwide as of Q1 2025. Alarmingly, affordable homes priced between RM200,001 and RM300,000 made up the largest share at 20.7 per cent. Condominiums and apartments dominated the overhang, while Perak, Kuala Lumpur and Penang ranked among the states with the highest numbers of unsold units.
Soh noted that despite weaker market sentiment and Bank Negara Malaysia's trimmed GDP growth forecast of 4.0–4.8 per cent for 2025, demand for affordable housing remains firm.
He said that homes priced below RM300,000 are considered affordable for the lower-income B40 group.
"Encouragingly, search enquiries on PropertyGuru rebounded by 29 per cent as economic sentiment began to stabilise and supportive policies were announced. This uptick in demand likely reflects improving consumer sentiment," he said.
The 13MP also sets out structural reforms to address supply inefficiencies, including mandatory build-then-sell practices to reduce abandoned projects, amendments to the Housing Development Act for stronger consumer protection, and a new integrated housing data system.
Other measures include urban redevelopment of underutilised areas, the use of Wakaf, Malay Reserve, and federal land, the wider adoption of industrialised building systems, and building information modelling to accelerate delivery and reduce costs.
