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Malaysia Terraced Housing Construction Industry Analysis
The terraced housing construction projects industry in Malaysia is experiencing significant growth and development, fueled by the country's population growth and urbanization. Terraced housing, which is also known as landed properties, is a popular housing option in Malaysia due to its affordability, spaciousness, and sense of community.
The current scenario of the terraced housing construction projects industry in Malaysia is characterized by a high demand for landed properties, especially in urban areas. According to data from the National Property Information Centre, the prices of terraced houses have been steadily increasing over the past few years. The average price of a terraced house in Malaysia in 2021 was RM415,491 (approximately USD 99,120), an increase of 6.1% from the previous year. The COVID-19 pandemic has also contributed to the growth of the industry, with many Malaysians looking for larger and more comfortable living spaces as they spend more time at home.
In terms of industry outlook, the terraced housing construction projects industry in Malaysia is expected to continue to grow and expand in the coming years. The Malaysian government has identified affordable housing as a key priority and has launched several initiatives to promote the development of affordable homes, including terraced houses. The government's initiatives include the MyHome program, which provides financial assistance to eligible buyers of affordable homes, and the Perumahan Rakyat 1Malaysia (PR1MA) program, which aims to provide affordable homes to middle-income earners.
Additionally, the government's commitment to improving infrastructure and transportation networks, such as the Mass Rapid Transit (MRT) system, will also contribute to the growth of the industry by making it easier for people to access and live in areas further from the city center.
In conclusion, the terraced housing construction projects industry in Malaysia is currently experiencing growth and development due to high demand, affordability, and government support. With the government's continued commitment to affordable housing and infrastructure development, the industry is expected to continue to expand and provide Malaysians with a range of housing options.
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