Malaysian Affordability Housing Policies Revisited

Samad, D, Zainon, N, Rahim, FAM, Lou, E and Karim, SBA (2016) Malaysian Affordability Housing Policies Revisited. In: The 4th International Building Control Conference 2016 (IBCC 2016), 07 March 2016 - 08 March 2016, Kuala Lumpur, Malaysia.

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Abstract

Housing has always been a significant aspiration of family expression and distinctly priciest investment by household. It plays a momentous role in the country's economy and so central to the societal well-being that is emplaced in the United Nation Universal declaration of Human rights. Yet in developed and developing world alike, cities struggle to provide decent housing for lower and middle income population. The provision of affordable housing is a major policy concern around the world with Malaysia being no exception; rising income hardly keep pace with price hike of housing unit and housing interventions has majorly concentrated on demand side leading to a non-responsive supply sector. Therefore, this paper highlights affordable housing issues pertaining Malaysia. It formulates Malaysian Map of affordability and conducts an evaluation of global housing schemes to better identify policy priorities for Malaysia. It's significant to harmonize supply and demand side factors in the housing market to ensure that housing supply fits the needs of citizens based on the location, price and target group. In case of Malaysia supply oriented initiative are of urgency in short and medium run. This must be supported by long term demand side schemes in parallel. Convergence of these two factors is essential for a balanced equilibrium and obtaining affordability.