Malaysian Home Buyers Prefer Affordable yet Luxurious Landed Property

For many younger Malaysians owning a home has always been a desire before the Corona Virus (Covid 19) pandemic hampered these desires and changed the entire fabric of society. During the Covid 19 lockdown, a home which has always been considered a place of shelter suddenly gained the magnitude of ensuring safety and security. Many saw the need to own their own home and individual personal spaces after being confined under one roof ensuring it had amenities and facilities that suited the ‘new normal’. 

Previously, homebuyers would rather visit sale galleries to view the show units and have a feel of the actual property. The current new-norm, homebuyers have become more tech-savy, dominating the market scene, doing online research before purchasing a new home. Digital presentations and virtual tours provided by real estate agents have developed into a “digital-first” strategy to showcase properties from the comforts of a regular smartphone or digital device reducing the need to be physically present for property tours.

While the interest rates have been on a rising trend, getting on the property ladder has never been harder for the ‘new age home buyers’. In a time of digital revolution and high property prices, there has been a paradigm shift in the ‘new age home buyers’ purchasing preferences. Their unique preferences are for larger sized residences designed to allow ventilation and natural light with smart home technologies providing safety and security, tranquil environments, finally the proximity from home to workplace, school, and healthcare with no compromise on prices. 

Malaysia witnessed an increase in demand for affordable yet luxury homes. These new age homebuyers grew up amidst fast Internet connection. They are expecting their homes to be as intuitive to their needs with smart features and integrated systems powered by technology-driven home appliances. Seeing this trend, many real estate developers are reconfiguring to accommodate these additional needs and included the use of Smart Home technology to sweeten the deal with potential homebuyers. 

 As a result of the pandemic-induced lockdowns new age homebuyers have become sentimental with the changed circumstances in the ‘new normal’. One of the main changes in buyers preference is looking for trusted developers from whom they can buy their homes, maintain transparency and timely delivery. They also opt for quality construction offering several luxurious amenities and aesthetic open spaces.

The ‘never before’ set of changes have not just knocked the wind out of the residential real estate businesses but impacting lifestyles and changing spending habits. 12% of Malaysians are becoming more comfortable shortlisting and viewing properties online catering to their financial needs. A perceptible change in the layout of homes to accommodate the ‘new trend’ needs of homebuyers. The trend is for a home that enables seamless working from home, a green ecosystem that will enhance the living experience and meets the affordability requirements of the post-pandemic lifestyle.

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