Malaysia’s home ownership rate stands at 77 per cent, placing the country among the highest globally and ahead of several developed nations, according to Housing and Local Government Minister Nga Kor Ming.
He said countries such as Germany recorded around 42 per cent home ownership, while Vienna in Austria stood at 52 per cent, Australia at 65 per cent, and the United States at 62 per cent.
Speaking at the Simen Rahmah Scheme press conference today, Nga said Malaysia’s strong figure reflects sustained government intervention in the housing sector.
He highlighted initiatives such as the Simen Rahmah programme, which provides subsidised cement to affordable housing developers to help control construction costs and keep house prices stable.
Nga described the initiative as a world-first, noting that no other country has implemented a similar policy.
“Before the storm comes, I have already set up the umbrella. Simen Rahmah is that umbrella,” he said, adding that stable supply chain pricing would help prevent developers from increasing affordable housing prices.
He also pointed to Malaysia’s property sector performance, which recorded a transaction value of RM241.9 billion in 2023.
Nga further cited a JP Morgan report which named Malaysia as one of two Asian economies considered resilient amid global economic pressures, alongside China.
He attributed this resilience to fiscal discipline, deficit reduction, inflation control, low unemployment, and strong foreign direct investment, expressing confidence that Malaysia would continue to withstand global economic challenges.
