Chor: Still long way to reach property bubble in M'sia

SHAH ALAM: There is still a long way to reach property bubble in Malaysia, says Housing and Local Government Minister Datuk Wira Chor Chee Heung.

According to the Housing Index for the last 10 years, prices of houses have moved about 37% while in countries like Singapore and Hong Kong, property prices shot passed 35% last year, he said.

He said property prices in Malaysia started to rise since 2008 due to land cost, building materials and vibrancy of the economy as a result of the initiatives and measures taken by the federal government.

"This is also as a result of foreign companies coming into this country to invest in properties. Because of the aggressive policies by the government, a lot of foreign companies set up bases in this country and bought properties for their senior staff and executives," he said when launching Setia City, an integrated green commercial hub in Shah Alam to be developed by SP Setia Bhd.

Chor, however, said it did not mean ordinary people who just joined the workforce are not able to buy houses. — Bernama