Property market needs a reset button

Overhang is defined as properties that are completed and issued with certificates of fitness for occupation or temporary certificates of fitness for occupation, but remain unsold despite having been in the market for at least nine months.

IT is always believed that the government’s job is to govern the country and to ensure rules and regulations as well as laws are well in place.

The government’s role is to provide the right atmosphere for investors and businesses to thrive and for the general public to be protected as well from unscrupulous business practices for the supply of good and services provided by the business community.

While it is not the government’s business to be in the business of supplying goods and services but for certain essential needs of the people, it is the duty of the government to do so. They include in areas related to education, healthcare, public security and safety and to a large extent even ensuring affordable homes for Malaysians in general. It is the duty of the government to ensure there is enough public housing while supply of affordable homes by the private sector remains adequate in the market not only in terms of price, but also in terms of location and type of properties.