Abstract

This informative study explores the elements of housing price in Malaysia and found the price is affected by many factors. This study of great practical significance has shown that house prices are determined by the demand for attributes, not only of the dwelling units themselves, but also of the region in which the units are located. There are many structural, neighborhood and locational attributes that could have brought impacts on house prices (Chin, Chau, & Ng, 2004). Structural characteristics, location-specific factors, and neighbourhood characteristics may define various sub-markets. Sub-markets may be defined by structure type (e.g. single-family detached, row house, town home, and condominium), by structural characteristics (property age housing consumers may have strong preferences for newly constructed properties or for historic properties), or by neighbourhood characteristics (e.g., public education and public safety). Results show that the housing price in Malaysia evidently depends on population, demand and supply, location, physical characteristic, accessibility, developer, cost of material and income. It is also influenced by neighbourhood factors as people nowadays will likely choose a better neighbourhood. These factors determine whether the housing price will be high or low. In summary, the government must take an active role to monitor and take appropriate measures to control property prices.

 

This work is licensed under a Creative Commons Attribution 4.0 License.