Subscribe via RSS Feed

Increase of 10% in Costs for New Homes

What is Happening?

Developers of new houses are saying that people who want to buy a new home are going to have to pay at least 10% more for their houses.

Why are we facing these costs?

When we reported the increase in the cost of fuels a few days ago we knew it would have a flow on effect. The developers said that this was the first reason for the increase in costs. The 20 sen rise in the price of RON95 petrol and diesel caused a rise in the costs of building materials.

The second cause is a lack of foreign workers. Real Estate & Housing Developers Association of Malaysia president Datuk Seri Michael Yam Kong Choy said the failure of foreigners to turn up for work was causing delays, thus adding to costs which contractors were certain to push to consumers.

He added – “The raids on construction sites have frightened even legitimate migrant workers who are staying away.”

No related content found.

Category: Economy, National