| Summary: | Millennial is a generation that has been growing rapidly all around the world. They are said to have very high spending power and soon to be overtaking the property market in near future. Whereas in the case of Malaysia, millennials are facing the issue of affordability which government is trying to solve by constructing more affordable housing schemes under PR1MA, PPA1M, My First Home Scheme, MyHome, Rumah Selangorku and RUMAWIP. Furthermore, Homeownership Campaign (HOC) was initiated early this year to make homeownership even easier. Despite these initiatives, issue of overhang property has worsen whereby the latest statistics from National Property Information Centre (NAPIC) shows that residential property below RM 300,000 forms the largest slice (31% to 52%) of overhang property. Hence, the purpose of this study is to examine millennials’ selection criteria on residential property purchasing and their perception on housing affordability.
The study will provide a clear insight on millennials’ preference on residential property purchasing by adopting semi-interview research method hoping to obtain more valuable and in-depth information. From the data collected, the important selection criteria to consider for millennials’ property purchasing are mainly location’s convenience and its surrounding, price of residential property and its related cost/profit, quality of neighbourhood, structure of property and reputation of property developer. Through this findings, property developer and government can work hand in hand to revamp the residential property based on millennials’ selection criteria because they will be potential buyers who are eager to own a house as soon as possible. Furthermore, issue on property overhang can also be improved without jeopardising Malaysia’s reputation and the property market as a whole.
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