Post date: Sep 29, 2010 1:5:26 AM
KUALA LUMPUR: The increase in property prices over the last four years has made it increasingly difficult for buyers to make first purchases, MCA president Datuk Seri Dr Chua Soi Lek said.
“A house worth RM250,000 has now gone up to RM500,000 and many Malaysians cannot afford to own a house these days because of that,” he said.
Dr Chua urged the Government to make housing more accessible to the people via Bank Negara’s control.
“Loans for houses costing below RM500,000 should be kept at 90%.
“For houses costing above RM500,000, the loan should not be more than 80%,” he told reporters after chairing the MCA presidential council meeting here yesterday.
Dr Chua also urged developers to give priority to first-time housebuyers.
“In hotspots like the Klang Valley, Penang and Kota Kinabalu, houses were all snapped up before they were even launched,” he added.
Dr Chua said the Government should expedite the conversion of land use so that more land could be developed for housing schemes.