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Determinants of homeownership in Malaysia

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  • Tan, Teck Hong
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    Abstract

    The housing industry is crucial to the sustainable development in Malaysia. The efficiency and effectiveness of the housing delivery system requires housing provision for all. The housing industry, which had grown rapidly in the 1980s encountered property oversupply recently. The majority of these units remain unsold for reasons beyond price factor, ranging from poor location to unattractive houses. The main objective of this paper is to tackle property oversupply in the country by examining a detailed knowledge of home owning determinants. Homeownership should be encouraged as positive externalities of homeownership can be found in many housing surveys. Homeownership is a complex issue that is the result of many determinants, including housing characteristics (house types and property types), employment and income trends, socio-cultural and demographic descriptors. In addition to determinants, efforts needed to reduce regulatory barriers in the housing delivery system that can significantly increase the cost of producing houses. The government should make home financing more available and affordable by providing subsidies to low income families and creating incentives to save for homeownership. Efforts also needed to extend opportunities to enhance the affordability of homeownership by liberalizing rules and regulation of Employee Provident Fund (EPF) withdrawal.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34950.

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    Date of creation: 16 Jun 2008
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    Publication status: Published in Habitat International 3.Vol. 3(2008): pp. 318-335
    Handle: RePEc:pra:mprapa:34950

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    Keywords: Homeownership; Homeownership Externalities; Malaysia;

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    References

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    1. Haurin, Donald R. & Kamara, Duewa A., 1992. "The homeownership decision of female-headed households," Journal of Housing Economics, Elsevier, Elsevier, vol. 2(4), pages 293-309, December.
    2. Denise DiPasquale & Edward L. Glaeser, 1998. "Incentives and Social Capital: Are Homeowners Better Citizens?," NBER Working Papers 6363, National Bureau of Economic Research, Inc.
    3. Donald R. Haurin & Toby L. Parcel & R. Jean Haurin, 2002. "Does Homeownership Affect Child Outcomes?," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 30(4), pages 635-666.
    4. Maki, Atsushi, 1993. "Liquidity Constraints: A Cross-Section Analysis of the Housing Purchase Behavior of Japanese Households," The Review of Economics and Statistics, MIT Press, vol. 75(3), pages 429-37, August.
    5. Coulson, N. Edward, 1999. "Why Are Hispanic- and Asian-American Homeownership Rates So Low?: Immigration and Other Factors," Journal of Urban Economics, Elsevier, vol. 45(2), pages 209-227, March.
    6. Richard K. Green & Michelle J. White, 1994. "Measuring the Benefits of Homeowning: Effects on Children," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 94-05, University of Wisconsin Center for Urban Land Economic Research.
    7. Edward L. Glaeser & Bruce Sacerdote, 2000. "The Social Consequences of Housing," NBER Working Papers 8034, National Bureau of Economic Research, Inc.
    8. Daniel Aaronson, 1999. "A note on the benefits of homeownership," Working Paper Series, Federal Reserve Bank of Chicago WP-99-23, Federal Reserve Bank of Chicago.
    9. Bourassa Steven C., 1995. "A Model of Housing Tenure Choice in Australia," Journal of Urban Economics, Elsevier, vol. 37(2), pages 161-175, March.
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    Cited by:
    1. Tan, Teck Hong & Khong, Kok Wei, 2012. "The Link between Homeownership Motivation and Housing Satisfaction," MPRA Paper 46890, University Library of Munich, Germany.
    2. Teck-Hong Tan, 2014. "Satisfaction and Motivation of Homeowners Towards Green Homes," Social Indicators Research, Springer, Springer, vol. 116(3), pages 869-885, May.
    3. Tan, Teck Hong, 2011. "Measuring the willingness to pay for houses in a sustainable neighborhood," MPRA Paper 30446, University Library of Munich, Germany.

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