Majority of Gen Z prefer landed property — EdgeProp survey

• A majority of our respondents prioritised easy access to places for groceries, F&B, pharmacies, etc, plus public transportation.

PETALING JAYA (Sept 5): High-rise developments are taking over the property market in urban areas for many reasons, including catering to younger homebuyers looking to move out and gain independence sooner rather than later. However, the very same demographic being targeted might actually be dreaming of owning landed properties instead.

Yes, we’re talking about Gen Z.

In a survey conducted by EdgeProp, 58 respondents aged between 21 and 30 were asked whether they thought achieving homeownership was feasible before the age of 30, what they felt the biggest challenges were towards becoming homeowners, and what their property preferences were.

At the end of the day, the space and privacy of a landed property still appears to be more appealing to the majority of young house hunters.

Does Gen Z think homeownership is attainable?

Surprisingly, yes. With some help.

A high 70.8% of respondents said that achieving homeownership by 30 was attainable, but only with some form of financial assistance like housing schemes.

Top 3 obstacles towards homeownership for Gen Z

Although a majority of respondents feel homeownership is attainable for Malaysians below 30, current property prices are still viewed as the biggest hurdle, which is likely where the need for financial assistance comes from.

Other obstacles commonly cited amongst the respondents was job instability, at 35.4%; while 27.1% had too much debt or existing financial commitments to consider buying a property.

Who is ready to buy and when?

While most of our respondents, who are not homeowners yet, will not be purchasing their first properties in the immediate future, the goal of buying a home is within their five-year plans.

Moving out was not at the back of everyone’s mind, however, with around one third of respondents answering that they did not have a definite timeline for purchasing properties.

The percentage of renters actively searching for properties to buy was also higher than those currently living with their families, at 18.8% versus 10.3% respectively.

In terms of budget, 72.4% of respondents, who were not currently homeowners, said that their ideal property price range was between RM300,000 and RM500,000.

New developments, near work, and amenities for Gen Z, please

The game of life is already tough, why make it harder by buying into a location that doesn’t have a nice spread of amenities like a good charcuterie board?

A majority of our respondents prioritised easy access to places for groceries, F&B, pharmacies, etc, plus public transportation, so they can run their errands and do their activities with ease.

Having an easy commute to work is also more preferable than an easy commute back to the family home.

As many as 80% of our respondents, currently renting or living with their families, also stated that they would prefer to buy new developments over subsale and auction properties.

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