A Malaysian couple has made their home a “home of choice” for their growing family in a city of about 25 million.
For the first time in decades, the Malay-speaking couple, who are in their 40s and 50s, live in the country’s newest city.
The two, who have no children, were able to buy the house in the city’s south because the property is close to schools and universities, and the family has no plans to move, said Mohammad Azham, the managing director of the Malayan Development Corporation, the government agency that owns the house.
They chose the area because of its relatively low property taxes and its proximity to the University of Malaya, which has a campus in the building, Azham said.
“The house has a lot of room for development, and we can afford to build in the area,” he said.
Malaysia has a shortage of housing, which can be hard to sell at low prices because of a government policy that prohibits construction projects that will add to the countrys urban population.
The government requires that at least 25 percent of new housing is built in new or mixed-use development, with the rest built on existing land.
In recent years, the country has built nearly 3,300 housing units, the most since at least 2001, according to the World Bank.
The housing boom is fueled by the countrywide rise in the price of oil, which is now at a record high of $106 per barrel.
As oil prices have fallen, so have demand for housing in the developed world, particularly in Asia, the world’s biggest economy.
In Malaysia, prices have declined by nearly half since 2006.
Housing costs in Malaysia have been falling for years, partly because of government policies that have allowed the country to keep affordable housing.
In 2010, the national government began selling off land that was held in trust for the elderly.
The property was sold for a paltry $1.2 million, and since then has been used to buy a handful of new homes.
Since 2010, property taxes in Malaysia are among the lowest in Asia and among the highest in the world, according the World Housing Organisation.
According to the U.S. Department of Housing and Urban Development, more than half of the homes in Malaysia were built in the 1970s and 1980s, and nearly 60 percent of them are between $1 million and $2 million.
The country has also seen the growth of Chinese investors in the housing market.
A Malaysian government survey in April found that 70 percent of the people in the Malaya-Malaysian Development Corporation were willing to pay more for a home, up from 48 percent a year earlier.
The median price of a new home in the province rose from $8,400 in 2016 to $10,900 in 2017.
Bidding wars for new homes have become common in Malaysia, where prices have risen steadily.
Last year, a group of about 20 young families from Malaya bought a $8 million house in a resort town on the Malaysian island of Sulawesi for about $3 million.
A local developer bought the house for $8.5 million.
Malay and Chinese investors are buying properties across the country.
Last month, Chinese investors purchased a $11 million mansion on the outskirts of Kuala Lumpur.
While the Malaysia government is encouraging people to buy homes, the real estate market is still in its infancy, said Mohammed Abidin, the head of property research at RealtyTrac, a property tracking company.
One reason for this is that a lack of affordable housing is one of the main reasons why demand is rising, he said in an email.
Some Malay buyers are willing to make their money on the market, he added, but many are not.
Most buyers are young and will pay a premium for a house, Abidins research shows.
But buyers with a better financial background will likely be more willing to put money toward the purchase, he noted.