PROPERTYGURU’S biannual Consumer Sentiment Study for 2H 2021 found that 73% of Malaysians surveyed are looking to change their home situation after spending more time indoors due to the COVID-19 pandemic.
Of those surveyed, 38% want to renovate or repurpose certain areas of their home, while 35% are starting to think more about owning a home or mobbing out of their current location, said the online property platform.
According to the study, the pandemic has impacted Malaysians’ perception of space at home, as more than three in four people (77%) now consider it important for new properties to have an additional room at home that can be used as a home office.
The increasing desire to own a home or move into a property that can meet their needs is especially high among renters (74%), individuals who live with their parents (63%), and those in the low-income group (50%).
“Malaysia has undergone various forms of lockdowns in the last 17 months, and this extended time at home has made more people realize the importance and benefits of having a space of their own, especially in the age of remote working,” said PropertyGuru Malaysia country manager Sheldon Fernandez.
“The pandemic’s effect on the way in which people plan their home life is more prominent among young Malaysians, low-income earners, and those currently living with their parents, who cited ‘needing more personal space’ as one of the top reasons of wanting to purchase a new home.”
Among all Malaysians surveyed, regardless of demographic and current living situation, the need for more personal space (26%) is ranked as the third reason for wanting to purchase a property, while the top two reasons are investment (43%) and to take advantage of the low interest rates available now (27%). – Aug 18, 2021.
