Trends in the Local Housing Market: The Effects of Urban and Population Growth
||Sarip, Abdul Ghani
||Trends in the Local Housing Market: The Effects of Urban and Population Growth
||14th Annual European Real Estate Society Conference in London, UK
||Population and economic growths are two main indicators of real estate market. Positive growth in household and rapid urbanisation has several significance implications for housing market especially at the local level. First, demographic mobility is likely to create strong demand for housing. Secondly, rising population and migration will cause serious housing problems especially demand for affordable housing. Petaling Jaya (PJ) is well known as the satellite city of Kuala Lumpur, the capital city of Malaysia. The primary reason for the establishment of PJ was to alleviate the increasing congestion of Kuala Lumpur. Today, PJ has become a city that symbolises the progress and prosperity of the State of Selangor. However, over the last few years there has been a marked increase in the development of medium to higher-class housing. We conducted surveys and analysed the attributes that contributed to the household growth trends and causes of migration into this area. Future household growth is expected to significantly impact demand for residential housing units. An overview of the latest trends of PJ housing market, as well as, estimates of the demand for different types of housing and potential target markets is also presented.
Post discussion ...
||Session A3: Housing Prices and Their Determination
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