This is good news for property developers but how about the house buyers? My 26-year old son once confided in me that his generation can't even afford a single story link house in Kampung Pandan area where we live.The price has more than doubled since 25 years ago.
During my time in the mid -70's when we were young and just starting a family,we could afford to buy a single story link house even though our pay is about half of what the young persons are earning now.
Not only properties price has gone up but also the price of cars. I still remember buying a Honda Accord 1600cc for RM24000 in early 80's.
Looking back and compared to what the young persons now are earning, my time in the 80's is much better.We have more money left to spend and to save.
Knowing this scenario, the banks are having a field day offering credit cards to young graduates so that they can buy what they can't afford and pay the bank later with high interests.
By the way, the rich people(foreigners and Malaysians) are snapping up high end apartments in CBD of KL at RM1000 psf!Please read The Pavillion home run story.
In summary , many of us who could not resist to please our desires for our material requirements/needs will forever become slaves to our employers and the banks.