Lower financial hurdles to homeownership

KUCHING: The allocation for 2,316 affordable housing units and downpayment assistance of up to RM10,000 under Sarawak’s 2027 Budget is expected to improve homeownership opportunities, particularly among first-time buyers.

Sarawak Housing and Real Estate Developers’ Association (SHEDA) president Datuk Augustine Wong said the measures would help address housing affordability concerns and extend access to suitable homes, including in rural areas.

He said 906 affordable units would be developed through the Housing Development Corporation (HDC), while another 1,410 units would come under various Land Custody and Development Authority (LCDA) programmes.

“Strategically developing affordable housing in rural communities can also support socio-economic development and unlock the economic potential of these communities,” he told Sarawak Tribune.

Wong also welcomed the downpayment assistance for eligible first-time homebuyers from the B40 and M40 income groups.

Under the initiative, eligible Sarawakians purchasing their first home priced below RM300,000 from a registered developer may receive assistance of up to 10 per cent of the property price, capped at RM10,000.

“SHEDA recognises that accumulating sufficient savings for a downpayment can be a significant challenge for first-time homebuyers, particularly younger households and families who are still building their financial resources.

“Reducing the upfront financial burden could make homeownership more attainable for eligible Sarawakians and give families greater confidence as they take their first steps towards owning a home,” he said.

However, Wong said improving affordability must be accompanied by an adequate supply of suitable homes across different price segments.

“A well-functioning housing sector depends on both the ability of purchasers to access suitable homes and the capacity of developers to deliver housing that meets market needs,” he said.