20 Taman Desa Seputeh homeowners rejoice over freehold titles
Twenty residents from Taman Desa Seputeh, Kuala Lumpur, are rejoicing after successfully converting the leasehold titles
Ansari said the median prices increased from RM330,427 in 2014 up to RM467,143 in 2023.
"The typical Malaysian homeowner saw their personal wealth soar by the equivalent to more than four years of wages – just because their homes went up in value."
"The Department of Statistics pegs the median annual formal wage at RM32,000."
"The data shows that, if you can sustainably afford to own your own home, it can be one of the simplest and safest routes to attaining financial security," he said in a statement.
Ansari said the state with the largest total price gain in the 10 years to 2023 was Selangor, with the state's homeowners seeing the value of their homes soar by RM169,091.
After Selangor, he said Sarawak had the next largest increase in home value. Sarawak's median home price climbed by RM152,016.
"The third biggest gaining state was Johor, with a price gain of RM147,363," he said.
Meanwhile, Ansari said in Kuala Lumpur, prices climbed RM145,523 between 2014 and 2023, and in Negeri Sembilan home prices jumped RM128,943.
In Kelantan, he said the starting price was lower, but home prices had a bigger percentage gain.
Kelantan home prices surged by 70 per cent over the 10 years, by RM105,537.
"Kelantan wasn't the only state with impressive returns in percentage terms. Melaka, Negeri Sembilan, and Kedah all rewarded homeowners with a 69 per cent gain in home values. "Perak, Johor, and Perlis also all saw the value of homes grow by more than 50 per cent," he said.
In addition, Ansari said while the median Malaysian property price increased by 42 per cent, mortgage holders earned a larger return or 66 per cent on the money they put into their home over 10 years.
He said mortgage holders get the benefit of the entire price gain even though they didn't have to invest the full value of the house when purchasing it.
"The states where mortgaged home buyers earned the biggest returns on the actual ringgit are Kelantan (113 per cent), Melaka (111 per cent), Negeri Sembilan (111 per cent), and Kedah (110 per cent).
Homeowners in all these states more than doubled their money.
"The data clearly demonstrates that property ownership in Malaysia has been a lucrative investment over the past decade. Homeowners have seen impressive returns on investment," he added.
