SHAH ALAM - Homebuyers focusing on affordable housing are now willing to forgo more amenities for a reduction in prices, according to a survey by PropertyGuru Malaysia.
The Consumer Sentiment Study (CSS) for H2 2023 found that 87 per cent of consumers cited property price as the biggest barrier to homeownership.
The respondents were divided into five categories: 22-29, 30-39, 40-49, 50-59 and 60 years old and above.
Malaysia PropertyGuru and iProperty Country Manager Sheldon Fernandez said consumers are now more savvy and have careful considerations for property purchases and rentals.
"49 per sent prioritised home location and 47 per cent with safety and security making areas a key consideration.
"They will then focus on the price per square foot looking at the value of the property," he said.
Other property-related factors, such as property type and size, along with facilities, were less important to consumers, he added.
Respondents in the CSS were willing to forgo amenities such as a gym (49 per cent), playgrounds (46 per cent), recreational spaces (45 per cent), and even balconies (43 per cent) in pursuit of more affordable housing.
Sheldon said that consumers' preference for properties at a lower price at the cost of facilities is an interesting insight.
Some respondents were willing to pay more for the option of a green home at 58 per cent, mostly focused on Gen Z and millennials.
Sheldon said respondents agreed that a green home would lead to lower operational costs in the long run, considering maintenance fees and the introduction of certain policies to provide aid.
"They viewed that there were longer-term savings, there were 62 per cent who responded they were unsure, so here lies an opportunity to introduce policies to encourage green homes and encourage such behaviors to contribute towards a more sustainable future," he said.