Putrajaya would not limit anyone from buying houses for investments, as doing so could cause the collapse of the real estate sector and potentially affect about 200 related industries, says Housing and Local Government Minister Nga Kor Ming.
Nga was responding to former Umno leaders Khairy Jamaluddin and Shahril Hamdan, who remarked in their Keluar Sekejap podcast earlier this month that the government should limit houses bought for investments to address a shortage of affordable housing.
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Nga was responding to former Umno leaders Khairy Jamaluddin and Shahril Hamdan, who remarked in their Keluar Sekejap podcast earlier this month that the government should limit houses bought for investments to address a shortage of affordable housing.
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NewsTranscript
00:00In a recent episode of Kluas Kejap, Kairi and Sharon said the government should place
00:07limits on home bought for investment as a way to deal with shortage in affordable houses.
00:14They said providing longer housing loans beyond the present year limit would not work.
00:18They also said the government should instead place a cap on how many homes people can buy
00:23for investment as the market is flooded with expensive homes that remain unsold due to
00:29I think we all need to understand that Malaysia is a democratic country.
00:36We respect the market.
00:42More important is to make sure that there is enough supply.
00:46We are not a communist country or a dictator country.
00:50We prohibit people from buying additional houses.
00:53Everyone must understand the concept.
00:57Property investment is a form of wealth preservation.
01:02Property investment is also one of the most effective tools to combat inflation.
01:08This has been proven worldwide.
01:11Therefore, it is not the government's job to prohibit people from investing in the real estate sector.
01:18If we take such measures, I am very confident the property market is going to collapse.
01:26And who is going to be responsible for that?
01:29Never forget, the real estate sector in our country is related to more than 200 related industries.
01:37Contractors, plumbers, furniture, electrical appliances, banking sector, lawyers, everything.
01:46If the real estate sector collapses, imagine what kind of disasters our country is going to face.