HOUSING in MALAYSIA
This is only applicable to certain "pockets" of properties in URBAN areas in Penang and KL. The average urban KL residential properties is about RM485,000 which is 9 times its average median for urban household income is about RM54,000.
This is highly classified as severly unaffordable by any international affordability standard.
MyView
Certainly true for certain pockets of properties which are out of the league for many of the new generations. Example, condo near IKANO is selling about RM650 psf, it cost about RM455K for a studio of 700sf. Lets go to Mont Kiara, Solaris Dutamas Condo, completed, selling around RM530-600 psf for the 1000 sf type. Near Plaza Damas (Sri Hartamas), launching for condo also around RM650 psf. Mah Sing lauch one near Mont Kiara, around RM800-900 psf. Desa Park City (lets not talk about it). All these areas (I called it HOT SPOTS) is definitely out of reach for many. So, one have to settle for others (still available, takes time to find).
But these pockets does not represent the entire housing properties of Malaysia. The conclusion is simple, pockets that is way beyond the affordability will have greater impact during a financial crisis. Some Malaysians are very rich (not their fault), they are driving a RM300K-500K car around. Don't even have to talk about house, a car, can be 9-10 times an average urban household income.
Just calculate, 600,000 cars sold in Malaysia in 2010, take 10% as expensive car around RM300K per unit, total sale for luxury car alone is about RM18 billion a year. Malaysia is full of rich people.
One of the many culprit is the credit creation, thanks to the government policies and banks easy financing scheme. Of course, it takes two hands to clap.
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