Half of PR1MA homeowners aged from 25 to 35, says Reezal Merican

KUALA LUMPUR: As many as 50% of PR1MA homeowners are young people aged from 25 to 35, says Datuk Seri Reezal Merican Naina Merican(pic).

"Until December 2021, as many as 50% of PR1MA home buyers or 17,543 nationwide are made up of those aged between 25 and 35.

"For 2021 alone, 34% of PR1MA home buyers or 1,904 out of 5,626 nationwide are aged between 25 and 35," said the Housing and Local Government Minister.

He said this shows that the selling price of PR1MA houses, averaging around RM250,000, is suitable for this age group.

To further boost home ownership among the youth, the government will also be introducing the Youth Home Ownership initiative, which aims to increase PR1MA home ownership among young people from 50.3% currently to 70% by year end, he said.

"This shows that the selling price offered by PR1MA, with the average house price of RM250,000, is suitable for young people.

"PR1MA will also introduce the Youth Home Ownership initiative targeting an increase in PR1MA home ownership among young people from 50.3% to 70% at the end of 2022," Reezal Merican told the Dewan Rakyat on Tuesday (March 8).

He was responding to a question from Datuk Mohd Fasiah Mohd Fakeh (PN-Sabak Bernam), who asked him to state the government's success in providing practical, affordable and sustainable housing projects especially for young people aged between 25 and 35.

Mohd Fasiah also wanted to know the extent of young people's response to PRIMA housing projects around the country.

Reezal Merican said the main problem for youth aged between 25 and 35 in buying homes is the "entry barrier" of obtaining funding.

Therefore, the government, through a cooperation between his ministry and the Finance Ministry, plans to organise a Home Ownership Programme (HOPE) to help the B40 and M40 income groups become homeowners, he added.

To help young people own homes, Reezal Merican said his ministry is also planning to provide a Youth Transit Home in selected locations in the Klang Valley where house prices and rentals are high.

"Two Youth Transit Home projects have been proposed for Mukim Batu, Kuala Lumpur, and Rawang, Selangor," he said.

A total of 1,400 units of Youth Transit Home will be developed for the project in Mukim Batu and another 3,000 units in Rawang.

Reezal Merican also said that for 2022, seven People's Housing Projects (PPR) have been planned to be built nationwide, comprising 2,770 houses.