Malaysians who are looking to buy a new residential property have until 31 December 2019 to take advantage of special property deals and purchase exemptions under the nation-wide campaign.
At the risk of sounding like a broken record, it is a wide-known fact that many young working adults in Malaysia are struggling to afford a residential property as they are priced way above the market. Homes are getting more expensive, especially in urban areas and the growth in household incomes is dismal, to say the least.
Thus, it is hardly surprising that there is a stunning amount of new-launch property units being left unsold. According to the Malaysian Property Market 2018 Report, which was recently released by the National Property Information Centre (NAPIC), the number of overhang units in 2018 rose by 30.7% to 32,313 units from the previous year.
‘Overhang property’ is defined as a completed residential unit which has remained unsold or has been on the market for at least nine months.
In light of this situation, the government has introduced the Home Ownership Campaign (HOC) 2019, which was unveiled earlier this year as one of the housing initiatives under Budget 2019. The campaign was originally supposed to end on 30 June.