Bank Negara calls for integrated database

KUALA LUMPUR: Bank Negara Malaysia wants an integrated housing database to be established swiftly.

Deputy governor Abdul Rasheed said with such database, the country would be able to develop an efficient housing market.

“It is critical for Malaysia to accelerate the establishment of an integrated housing database. The database will provide timely information to build an efficient housing market through greater transparency, which leads to better planning by policymakers and developers,” he said at the “Constructing and Financing Affordable Housing Across Asia” conference, here, yesterday.

“Local authorities and developers should also work together to reduce the cost of building houses. Going by international affordability metrics, houses in Malaysia are considered to be ‘seriously unaffordable’ with a median multiple of five times, which has an adverse impact on home ownership.”

Abdul Rasheed said there was a need to build a healthy rental market.

“Policymakers need to be clear that the drive for affordable housing is not necessarily equivalent to the drive for ‘home ownership’ alone.

“Adequate housing is about access, which can be achieved not only through outright ownership, but also through the ability to rent a decent home at affordable prices.

“We need to learn from the global financial crisis on the importance of a sustainable housing market. Policymakers need to protect the interests of the public and the stability of the economic and financial system.”

He urged buyers not to go for homes they could not afford and thus fall into financial hardship as that would have detrimental impact on socioeconomic stability.