Melaka’s high home ownership and low property price

Melaka’s high home ownership and low property price

Ever since I have started working in KL 11 years ago, I have been to Melaka more than once every year. It’s near enough, it has lots of good food, why not? I have stayed in many different places and not necessarily must be in the Melaka town. It has all the necessary attractions for people to visit and I think this is also why it has been attracting Singaporeans to drive all the way from Singapore to Melaka too.

The accommodation has continued to be affordable and choices aplenty. Somehow the property market in Melaka has been rather slow / stagnant. I have always think I will buy a property in Melaka but has not yet purchased one yet. What about you? Do you go Melaka often and have the same opinion too?

Article in freemalaysiatoday.com. MELAKA: Melaka has maintained its status as the state offering the lowest housing prices in Malaysia with an average price of RM207,600 as of the third quarter of 2023 according to a state executive councillor.

The Melaka average price is half the national average of RM458,751, according to the National Property Information Centre.

State housing executive councillor Rais Yasin said the lower prices has led to a remarkable rate of home ownership of 84.5% in Melaka, higher than the national average of 76.5%.

“This achievement is influenced by the state government’s housing policy, which stipulates that every housing development exceeding 10 acres (about 4 hectares) must consist of at least 50% affordable housing. Do read here for the full article: Article in freemalaysiatoday.com.

Perhaps it’s also because people see Melaka as just a nice place to visit, eat and then leave

My personal opinion is that Melaka is a nice place but when it comes to property investment, perhaps we need to also see it as a place we want to live in the future. Else, just buying and then having the price stay almost the same for many years may just be frustrating. Population growth is a very important factor for increasing price too. Plus the fact that home ownership for Malaccans are already higher than national average. Melaka will need to grow its population if it wants to be a more popular destination for property investment.

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