Anyone intending to buy a property will need to get a loan. Well, nearly everyone except a buyer for one my condos who paid for it by cash. Thus, the process was a breeze and the keys were handed over within 30 days. The new owner is still staying there happily. She did not need a loan because her father paid for it. Oh yeah, the price of the condo was RM640,000 a couple of years ago. 1,258 sq ft, so it’s like RM508 per sq ft.
I understand that her father is a retired working professional, not a businessman. Well, her father could pay for it maybe because her father had worked for over 35 years and could have saved / invested and now has enough cash to give her daughter a home sweet home. How much could we have after working for 35 years then? Well, potentially millions. Read earlier article here.
Article in themalaysianreserve.com Up to 104,000 new jobs were created from 8.7 million jobs in the private sector in the fourth quarter of 2019 (4Q19) compared to 8.5 million in the previous corresponding period, according to the Department of Statistics Malaysia. Chief statistician Datuk Seri Mohd Uzir Mahidin said, “The number of jobs in the private sector rose 119,000 to register 8.7 million jobs. The rate of filled jobs was 97.7% while the vacancies rate was 2.3%, with the number of job vacancies recorded at 198,000.”
As for where are the jobs from, 43% are for skilled category (higher salary, usually) and 49.2% are semi-skilled. Services sector provided 49.2% of the jobs followed by construction with 21.4% and manufacturing sector contributed 18.4%. Mohd Uzir added, “The number of jobs in the skilled category expanded by 19,000 to register 2.1 million jobs, with a share of 24.3%. Filled jobs made up 97.7% while vacancies rate was 2.3% with 48,000 in numbers.” For even more numbers and details please refer Article in themalaysianreserve.com
It’s good to note that the kind of jobs which was available from the private sector are for skilled category and these roles could be filled too. These jobs will provide a good pay and the good pay will translate into a higher consumption of goods and services. By the way, these working professionals may choose not to buy a property. However, if enough of them spend their money at the same restaurant, then the restaurant owner would have the money to buy a property too.
Alternatively, because these working professionals are moving to the bigger cities for these skilled jobs and could afford to pay a higher rental, the owner of the house could then use the rental to buy another property a couple of years down the road. This is why before we look at the property market, we must look at the job market. Oh yeah, how many jobs are available as at today? Image below. Happy browsing the jobs @ jobstreet.com.my yeah.
Please LIKE kopiandproperty.com FB page or Sign Up for free to get daily updates about the property market. Else, follow me on Twitter here.
Next suggested article: We will have salary increments for 2020. High or Low?