Survey: Malaysia 4th Most Property Obsessed Country Globally
HSBC Malaysia Sdn Bhd (HSBC) has just revealed that almost one out of every five Malaysians are classified as extreme house hunters or property addicts.
How is the time spent?
Survey shows that 49 per cent of property addicts check the value of their home monthly, and 26 per cent of extreme property addicts spend between seven to nine hours a week researching properties online.
Interesting to note is that one in five Malaysian property addicts spend more than 10 hours reading property magazines.
What are the implications?
Statistically speaking, extreme property addicts delay major life decisions such as marriage or having children, just to save up for their next property purchase. This is evident, not just here in Malaysia, but globally as well.
Property addicts are twice as likely to delay marriage.
A quarter of addicts have already delayed having children by about 7-8 years, another quarter has delayed by 5-6 years, while the remaining half have already delayed having children by less than a year to purchase a property.
Almost half of Malaysian property addicts have made the conscious decision to cut back on large leisure expenditures such as cars, holidays, and luxury items.
Ironically enough, despite the hours researching on the property market, the decision to buy is often impulsive. 38 per cent of Malaysian home buyers purchase properties based purely on first impressions. Here are some of the major property turn-offs for most homebuyers globally:
So, are you a property addict yourself? If so, please do share and comment down below!
Note: The research was carried out by Toluna on behalf of HSBC, with a sample size of 11,932 adults all across the globe.
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