Young home seekers driving PropTech growth in Malaysia

KUALA LUMPUR: Demand for property in Malaysia remains healthy despite the Covid19 outbreak resulting in the Movement Control Orders (MCOs), according to a study on consumer sentiment by a leading Malaysian property technology company.

PropertyGuru Malaysia’s country manager Sheldon Fernandez in a statement said the study found that approximately 81 per cent of Malaysian first-time home seekers were eager to purchase a home by end-2021.

“This includes a surge of interest among younger home seekers and renters, 47 per cent and 51 per cent of whom respectively shared that Covid19 had not caused them to delay their property transactions, as these demographics prioritise home ownership following months of restricted movement under the MCO.

“Coupled with higher uptake of digital platforms such as social media (70 per cent), virtual tours (50 per cent) and online webinars (29 per cent) among Malaysian home seekers aged 22 to 29 years old, along with operational restrictions on sales galleries and show units during the MCO, these trends are driving PropTech uptake and evolution in the domestic property market,” he said.

PropertyGuru Malaysia introduced the Own Your Home programme in 2018, with the goal of empowering 100,000 Malaysians to own homes by 2020.