Residential projects built in Melaka to undergo selling price valuation review

Melaka's state government has announced a review process for the selling prices of new residential developments to ensure they are in line with economic growth, job opportunities, housing needs, and buyers' financial capacity. Chief Minister Datuk Seri Ab Rauf Yusoh explained that the Valuation and Property Services Department (JPPH) will conduct the review through the State Land Subdivision and Partition Committee.

Rauf emphasized that the goal is to set reasonable prices for residences, reflecting their current market value and remaining affordable for buyers. According to the National Property Information Centre Report, Melaka had the lowest house sale prices in Malaysia for the first quarter of the year. In the first six months of the current year, Melaka recorded 8,661 real estate transactions worth RM3.1 billion, with residential projects accounting for 5,479 transactions worth RM1.78 billion.

Rauf noted that Melaka's housing affordability ratio stands at 3.27, lower than the national average of 4.39. However, the state government recognizes this as a challenge and aims to maintain affordability as market conditions, development costs, and people's needs evolve. The government's long-term goal is to increase the home ownership rate to 88 percent by 2030, believing that true success lies in ensuring that more people in Melaka can not only dream of owning a home but also possess the keys to their own house.