Will We Need to Stay in 400-sqft apartment by 2020?
|June 13, 2014||Posted by Ann Khee under Property News|
According to iProperty Malaysia, some analysts have predicted that prices of some properties in prime locations might reach RM5,000 psf in near future. If that’s the case, would our level of income be able to support that kind of price? Or perhaps that would mean built-ups have to be reduced in order to make housing more affordable ie. smaller apartments.
Let’s do some maths… a 400 sqft apartment at RM5,000 psf is equivalent to a whopping amount of RM2 mil.
RM2 mil for a house in 10 years’ time is still very unaffordable for most Malaysians.
Interestingly, iProperty has designed a poll recently to find out if Malaysians in general are prepared to scale down their living space due to price constraints.
THE RESPONSE ?
NO — 385 ( 57% )
YES — 295 ( 43% )
57% of the 680 respondents would not want to live in a 400 sq ft living space, while some 295 respondents or 43% are prepared to squeeze into one.
What does that say about Malaysians?
This poll clearly shows that the idea of cramming into a small apartment is something unacceptable to most Malaysians. We have long used to living in a space of over 1,000 sq ft. In terms of size of our country and available land area, we are not like Hong Kong or Singapore which suffer from dreadful lack of space. On the bright side, some believe prices will never reach those levels or perhaps optimistic that the government will step in to solve our housing woes.
So, if Malaysia’s property prices ever reach this untenable level, perhaps the solution is new ideas of re-configurable dwelling for more viable dwelling possibilities. We need more creative and brilliant architects to come out with small apartment ideas and designs.
Well, I do hope our housing prices won’t skyrocket to this extent. I don’t want to convert our children’s tree top playhouse into a home :p