Housing Preference and Affordability of Buyers in Global Housing Market
Keywords:Real estate, preference, affordability
Housing has always been a major component of everyone’s dream. It is an indicator of achievement and a source of pride. The housing backlog in the Philippines is projected to hit 6.5 million by 2030, putting pressure on developers to adequately address demand, according to the Subdivision and Housing Developers Association (SHDA). In Malaysia, the residential housing market is important and always plays a role in affecting the economy's development. A supply-driven market determines prices by a top-to-bottom approach used by the government, banks, and suppliers (Internations, 2013). This study aimed to investigate the gap between housing preference and affordability of buyers in the global housing market. Soon andTan gathered data through a survey with 300 respondents from the demographic such as a particular age group, ethnicity, and homeownership status. The researcher sampled fifteen (15) cities in Klang Valley in Malaysia using a convenient sampling technique among those looking for a house. The researcher used a cross-tabulation analysis to examine the link among housing affordability, monthly income, and preferred house. Low-income households perceived condominiums as affordable, while middle-income households believed terraced houses were the most affordable. High-income households considered the gated-community house as affordable housing. These findings imply that the government and housing developers should work together to address housing demand to ensure a more targeted housing policy. The study results concur with a study commissioned by the SHDA, which recommends that the government provide housing subsidy support to lower-income households to achieve a sustainable housing program. Likewise, the government must focus on a more comprehensive and multi-sectoral housing subsidy program while ensuring that financing costs are not distorted to encourage investors into housing (Castro 2013).
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