Krisis Pemilikan Rumah Dan Bebanan Hutang Di Malaysia
Oleh: Dr. Siti ‘Aisyah Baharudin (Pensyarah Kanan, Pusat Pengajian Sains Kemasyarakatan, Universiti Sains Malaysia)
Di bumi bertuah nan kaya berdikari,
Impian rakyat tetap satu dihati.
Ingin miliki rumah sendiri,
Tempat berteduh, warisan abadi.
Namun realiti tidak seindah mimpi,
Harga melambung, gaji tak berseri.
Hutang memuncak, beban tak henti,
Mampukah rumah jadi milik hakiki?
Majoriti rakyat Malaysia membeli rumah bukan sekadar untuk didiami, malah sebagai satu bentuk pelaburan jangka panjang. Pembelian ini lazimnya melibatkan pinjaman perumahan yang berasaskan mekanisme gadai janji, iaitu di mana hartanah yang dibeli diletakkan sebagai cagaran kepada institusi kewangan. Jika peminjam gagal melunaskan bayaran balik, rumah tersebut boleh dilelong dengan perintah mahkamah bagi menampung jumlah pinjaman yang tertunggak. Walaupun sistem ini membolehkan lebih ramai rakyat memiliki hartanah, ia turut mendedahkan mereka kepada risiko kewangan jangka panjang terutamanya dalam suasana pasaran perumahan yang semakin mencabar. Laporan Bank Negara Malaysia menunjukkan hutang isi rumah di Malaysia meningkat ketara dalam dua dekad, dengan nisbah hutang kepada KDNK naik 25.3% dari 2002 hingga 2023. Lebih membimbangkan, hampir dua pertiga daripada hutang isi rumah kini tertumpu pada pembelian hartanah kediaman, dengan bahagiannya meningkat daripada 36% pada 1997 kepada 60.5% pada 2023. Kedua-dua indikator ini menunjukkan lonjakan hutang didorong oleh kemudahan akses kepada produk kewangan yang membolehkan pinjaman lebih tinggi dan pergantungan tinggi rakyat terhadap pinjaman perumahan.
Jurang Harga dan Pendapatan
Menurut data antarabangsa daripada Numbeo, nisbah harga rumah kepada pendapatan Malaysia bagi tahun 2025 menunjukkan bahawa harga purata rumah adalah 8.7 kali ganda pendapatan tahunan isi rumah. Nisbah ini dikategorikan sebagai sangat tidak mampu milik, memandangkan penanda aras antarabangsa menetapkan nisbah 3.0 ke bawah sebagai mampu milik. Keadaan ini mencerminkan jurang yang semakin melebar antara harga hartanah dan tahap pendapatan rakyat, sekali gus memberi tekanan kepada golongan muda dan berpendapatan rendah untuk memiliki rumah sendiri.
Walaupun terdapat pandangan bahawa kenaikan harga rumah tidak jauh meninggalkan pertumbuhan pendapatan dalam jangka panjang, hakikatnya membeli rumah masih di luar kemampuan kebanyakan rakyat, khususnya di kawasan bandar. Misalnya, harga median rumah di Kuala Lumpur mencecah 5.4 kali ganda pendapatan isi rumah tahunan serta purata harga rumah sekitar RM741,445 akibat urbanisasi pesat sekitar 78% penduduk pada tahun 2023 dan pertumbuhan kelas menengah. Situasi ini meningkatkan permintaan terhadap rumah sewa, mengurangkan kadar simpanan isi rumah dan pelaburan jangka panjang.
Kelayakan Pinjaman dan Beban Kewangan
Walaupun permintaan terhadap rumah masih tinggi, kemampuan rakyat untuk memiliki kediaman semakin terhimpit. Ramai pembeli rumah kali pertama gagal mendapat pinjaman kerana kadar hutang isi rumah yang tinggi dan rekod kredit yang lemah. Laporan RinggitPlus Malaysian Financial Literacy Survey 2023 mendedahkan 54% rakyat Malaysia menghadapi kesukaran mendapat pinjaman perumahan disebabkan sejarah kredit yang buruk atau tidak mengetahui Nisbah Khidmat Hutang mereka. Selain itu, pembeli perlu menyediakan lebih RM 40,000 termasuk duti setem dan yuran guaman bagi rumah bernilai RM300,000. Bayaran pendahuluan yang tinggi menjadi cabaran bagi pembeli pertama terutama golongan muda berdasarkan 50% graduan bekerja hanya memperoleh kurang RM2,000 sebulan.
Laporan Institut Penyelidikan Khazanah menegaskan bahawa kenaikan harga rumah dalam terma sebenar di Malaysia bukan semata-mata berpunca daripada penilaian semasa pasaran, tetapi turut disumbang oleh amalan pemanjangan tempoh pinjaman perumahan yang berlebihan. Misalnya, pemanjangan tempoh pinjaman daripada 35 kepada 40 tahun bagi pinjaman berjumlah RM500,000 hanya mengurangkan ansuran bulanan sebanyak 4.4% (RM112), namun meningkatkan kos pembiayaan keseluruhan sebanyak 17.4% (RM97,428).
Ketidaksepadanan permintaan dan penawaran
Pertubuhan Kerjasama dan Pembangunan Ekonomi memberi amaran bahawa fenomena “harga rumah kelihatan terlalu tinggi tetapi masih meningkat” boleh berlaku di Malaysia akibat ketidaksepadanan permintaan dan penawaran rumah. Walaupun permintaan terhadap rumah mampu milik kekal tinggi, banyak unit kediaman kekal tidak terjual, mewujudkan lambakan hartanah akibat faktor jurang harga, masalah kelewatan, projek sakit dan terbengkalai, prosedur birokrasi yang melambatkan kelulusan projek, kos pembinaan yang meningkat serta spekulasi dan manipulasi harga oleh pemaju dan pelabur.
Walaupun kerajaan giat melaksanakan pelbagai inisiatif untuk meningkatkan penawaran rumah mampu milik, realitinya masih wujud jurang besar antara harga rumah yang ditawarkan dan kemampuan rakyat. Kurang daripada 20% rumah baharu yang dilancarkan berharga bawah RM200,000 menunjukkan angka yang terlalu kecil berbanding permintaan tinggi, khususnya dalam kalangan berpendapatan rendah. Lebih membimbangkan, pasaran hartanah kini dibanjiri dengan lebih 25,000 unit kediaman tidak terjual pada tahun 2023, kebanyakannya terlalu mahal dan di luar jangkauan majoriti rakyat berpendapatan rendah dan sederhana. Fenomena ini jelas menunjukkan berlakunya ketidakpadanan struktur dalam penawaran dan permintaan, sekaligus mencerminkan krisis keterjangkauan perumahan yang semakin meruncing.
Inisiatif Kerajaan dan Cabaran Berterusan
Kerajaan telah memperkenalkan pelbagai skim seperti Skim Jaminan Kredit Perumahan (SJKP), Projek Perumahan Rakyat (PPR), dan Skim Rent-to-Own (RTO) bagi membantu rakyat memiliki rumah. Misalnya, SJKP membolehkan pekerja gig dan mereka yang bekerja sendiri memohon pinjaman 100% hingga RM500,000. Namun, impak sebenar masih terhad kerana masalah pokok iaitu harga rumah yang tinggi tidak diatasi sepenuhnya.
Kerajaan cuba merapatkan jurang harga dan pendapatan menerusi inisiatif seperti Rumah Mampu Milik dan Rumah Bakat Baru Madani yang menyasarkan golongan berpendapatan sederhana, selain langkah fiskal seperti pelepasan cukai untuk pembeli rumah pertama dalam Belanjawan 2025. Namun, inisiatif ini merupakan langkah jangka pendek yang belum menyentuh akarnya iaitu reformasi pasaran hartanah secara menyeluruh.
Seterusnya, cadangan penggunaan pinjaman antara generasi untuk menangani isu kemampuan memiliki rumah perlu dihentikan kerana mewariskan beban hutang yang lebih besar kepada generasi akan datang. Ia bagi membendung inflasi harga rumah yang berpunca daripada pembiayaan berlebihan, sekali gus menggalakkan pertumbuhan pasaran perumahan yang lebih mampan dan berpatutan untuk semua golongan.
Manakala cadangan penyelesaian ketidaksepadanan penawaran dan permintaan adalah penting termasuk menyelaraskan inisiatif perumahan mampu milik, mewujudkan pangkalan data perumahan bersepadu, mengurangkan halangan kos, meningkatkan literasi kewangan, dan memperkukuh pasaran sewaan melalui kerangka undang-undang yang lebih baik. Strategi ini memberi kelebihan kepada kedua-dua pembeli dan penjual dalam pasaran hartanah jangka masa panjang.
Secara keseluruhannya, walaupun pelbagai inisiatif telah dilaksanakan oleh kerajaan untuk meningkatkan pemilikan rumah, isu ketidakmampuan memiliki rumah masih membelenggu rakyat akibat jurang besar antara harga rumah dan tahap pendapatan, khususnya dalam kalangan berpendapatan rendah dan golongan muda. Beban kewangan jangka panjang serta struktur pasaran yang tidak seimbang, ditambah dengan ketidaksepadanan antara permintaan dan penawaran rumah mampu milik memerlukan pendekatan reformasi menyeluruh yang lebih mampan dan inklusif.
*Penulis merupakan Pensyarah Kanan, Pusat Pengajian Sains Kemasyarakatan, Universiti Sains Malaysia
This Post Has 8 Comments
The article “Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia” discusses housing affordability and rising household debt as major economic issues in Malaysia. The main problems include the widening gap between house prices and household incomes, high housing loan commitments, expensive upfront purchasing costs and the mismatch between the supply of affordable houses and the demand from low- and middle-income households especially young adults and first-time buyers. This issue is likely to remain relevant to Malaysia in 2027 because rising living costs, slow income growth and higher property prices may continue to limit the ability of many households to purchase their own homes. Although the government has introduced initiatives such as the Projek Perumahan Rakyat (PPR), Skim Jaminan Kredit Perumahan (SJKP) and Rent-to-Own (RTO) schemes, these programmes may not fully resolve the problem if house prices remain unaffordable relative to household incomes and available housing does not match buyers’ needs in terms of price and location. The discussion could be strengthened by incorporating the latest housing price and unsold property data from the National Property Information Centre (NAPIC), household income and expenditure statistics from the Department of Statistics Malaysia (DOSM) and household debt reports from Bank Negara Malaysia (BNM) because these sources could provide more reliable evidence to assess housing affordability, financial vulnerability and the effectiveness of existing policies. The first research question suitable for a Systematic Literature Review (SLR) is “What are the main economic factors influencing housing affordability among low- and middle-income households in Malaysia?”, which could examine the roles of income, property prices, mortgage costs and housing supply. The second research question is “How effective are government housing policies and financial assistance programmes in improving housing affordability for first-time homebuyers in Malaysia?”, which could evaluate whether existing initiatives improve access to affordable housing and reduce financial barriers to homeownership.
[Lee Rou Hui]
The main economic issue discussed in the article is the housing affordability crisis and increasing household debt in Malaysia. According to Baharudin (2025), many Malaysians, particularly young people and low-income households, struggle to purchase homes because house prices are rising faster than their ability to afford them. The article highlights that Malaysia’s house price-to-income ratio reached 8.7 in 2025, indicating that housing is highly unaffordable. Furthermore, the mismatch between housing supply and demand has resulted in thousands of unsold properties, while affordable housing remains insufficient. Although the government has introduced initiatives such as the Skim Jaminan Kredit Perumahan (SJKP), Projek Perumahan Rakyat (PPR), and Rent-to-Own (RTO), these measures have not fully addressed the underlying problem. This issue will remain relevant to Malaysia in 2027 because housing affordability depends on income growth, house prices, household debt, and the availability of suitable affordable housing. Evidence from Bank Negara Malaysia (2026) shows that household debt remained elevated at 84.8% of GDP at the end of 2025, while housing affordability and the mismatch between housing supply and demand continued to be concerns. These conditions suggest that young adults and first-time homebuyers may continue to face financial difficulties if housing prices remain beyond their purchasing power. The discussion could be strengthened by including additional evidence from the Department of Statistics Malaysia (DOSM), Bank Negara Malaysia (BNM), and the National Property Information Centre (NAPIC). Relevant data on median household income, house prices, housing loan approvals, loan repayment burdens, and unsold residential properties would provide a clearer understanding of the relationship between housing affordability and household debt. Previous empirical studies could also examine whether government housing assistance has improved homeownership among low-income households and first-time buyers. A systematic literature review could investigate two research questions: (1) What are the main economic factors influencing housing affordability among young adults and low-income households in Malaysia? (2) How effective are government affordable housing policies in improving homeownership and reducing household financial burdens in Malaysia? These questions would help identify the causes of the housing affordability crisis, evaluate existing policy outcomes, and identify research gaps for future policy improvements. Overall, addressing this issue requires a comprehensive approach that combines affordable housing development, responsible lending, income improvement, and better alignment between housing supply and actual household needs.
The article “Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia” discusses the growing difficulty of homeownership in Malaysia due to rising house prices, high household debt, and the mismatch between housing supply and demand. The article highlights that many young people and low-and middle-income households struggle to purchase affordable homes because their incomes are insufficient to cover house prices, down payments, legal fees, and long-term mortgage repayments. In addition, the oversupply of expensive housing units does not necessarily meet the needs of households requiring affordable homes. This issue is likely to remain relevant to Malaysia in 2027 because housing affordability continues to be a structural economic challenge. Limited housing affordability has led to a persistent backlog of unsold residential inventory. This suggests that if housing prices are not aligned with household income levels, simply increasing the supply of housing may not be sufficient to resolve the issue. Nevertheless, the article could provide a more balanced evaluation by distinguishing between overall household debt and mortgage debt, as high debt levels do not automatically indicate financial distress for every household. Furthermore, additional evidence from the Department of Statistics Malaysia (DOSM), and the National Property Information Centre (NAPIC) could strengthen the discussion. Relevant evidence includes median household income, house price-to-income ratios, housing affordability by state, the number of unsold residential units, and the proportion of household income spent on loan repayments. Previous empirical studies comparing urban and rural households and different income groups could also identify which populations face the greatest barriers to homeownership. These sources would provide a stronger evidence base than relying mainly on general price estimates and survey findings. Based on the article, two research questions suitable for a Systematic Literature Review (SLR) are: (1) What are the main socioeconomic factors influencing housing affordability among young adults and low- and middle-income households in Malaysia? (2) How does household debt affect homeownership opportunities and financial well-being among Malaysian households? Overall, the article addresses an important economic issue, but a more comprehensive analysis using recent official statistics and empirical research would strengthen its conclusions and support more effective housing policies.
MUHAMMAD HARRIS BIN ADAM MALIK
Artikel “Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia” membincangkan isu kemampuan memiliki rumah dan peningkatan hutang isi rumah di Malaysia. Isu ekonomi utama yang diketengahkan ialah jurang antara harga rumah dengan pendapatan isi rumah yang semakin menyukarkan golongan muda serta isi rumah berpendapatan rendah untuk memiliki rumah sendiri. Selain itu, ketidaksepadanan antara penawaran dengan permintaan rumah menyebabkan sebahagian unit kediaman yang telah siap masih tidak terjual, sedangkan permintaan terhadap rumah mampu milik kekal tinggi. Isu ini dijangka terus relevan di Malaysia pada tahun 2027 kerana peningkatan kos sara hidup, simpanan yang terhad dan komitmen pinjaman perumahan jangka panjang boleh menjejaskan kestabilan kewangan isi rumah. Menurut Bank Negara Malaysia dalam Financial Stability Review: Second Half 2025, hutang isi rumah mencapai 84.8% daripada Keluaran Dalam Negeri Kasar (KDNK) pada akhir tahun 2025. Selain itu, Pusat Maklumat Harta Tanah Negara (NAPIC) melaporkan sebanyak 23,515 unit kediaman siap dibina masih tidak terjual pada suku pertama tahun 2025. Bukti ini menunjukkan bahawa isu kemampuan memiliki rumah memerlukan perhatian berterusan. Kajian oleh Khazanah Research Institute (KRI) dan laporan Jabatan Perangkaan Malaysia (DOSM) juga boleh digunakan untuk menjelaskan hubungan antara pertumbuhan gaji, ketidaksamaan pendapatan dan perbelanjaan perumahan. Namun begitu, kadar hutang isi rumah yang tinggi tidak semestinya menunjukkan tekanan kewangan kerana kemampuan membayar balik pinjaman dan tahap pendapatan turut perlu dipertimbangkan. Oleh itu, kerajaan perlu meningkatkan penawaran rumah mampu milik yang bersesuaian dengan pendapatan rakyat, memperbaiki akses pengangkutan awam dan memperkukuh pendidikan kewangan. Dua persoalan kajian yang sesuai untuk Kajian Literatur Sistematik (Systematic Literature Review, SLR) ialah: (1) Apakah faktor ekonomi dan sosioekonomi utama yang mempengaruhi kemampuan memiliki rumah dalam kalangan isi rumah berpendapatan rendah dan sederhana di Malaysia? (2) Bagaimanakah hutang pinjaman perumahan mempengaruhi kesejahteraan kewangan dan peluang pemilikan rumah dalam kalangan golongan muda di Malaysia?
The article “Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia” discusses housing affordability and rising household debt as major economic issues in Malaysia. The main problems include the widening gap between house prices and household incomes, high housing loan commitments, expensive upfront purchasing costs, and the mismatch between the supply of affordable houses and the demand from low- and middle-income households, particularly young adults and first-time buyers. This issue is likely to remain relevant to Malaysia in 2027 because rising living costs, slow income growth and high property prices may continue to limit the ability of many households to purchase their own homes. Although the government has introduced initiatives such as the Projek Perumahan Rakyat (PPR), Skim Jaminan Kredit Perumahan (SJKP) and Rent-to-Own (RTO) schemes, these programmes may not fully resolve the problem if house prices remain unaffordable relative to household incomes and available housing does not match buyers’ needs in terms of price and location. The discussion could be strengthened by incorporating the latest housing price and unsold property data from the National Property Information Centre (NAPIC), household income and expenditure statistics from the Department of Statistics Malaysia (DOSM), and household debt reports from Bank Negara Malaysia (BNM), as these sources could provide more reliable evidence to assess housing affordability, financial vulnerability and the effectiveness of existing policies. The first research question suitable for a Systematic Literature Review (SLR) is: “What are the main economic factors influencing housing affordability among low- and middle-income households in Malaysia?”, which could examine the roles of income, property prices, mortgage costs and housing supply. The second research question is: “How effective are government housing policies and financial assistance programmes in improving housing affordability for first-time homebuyers in Malaysia?”, which could evaluate whether existing initiatives improve access to affordable housing and reduce financial barriers to homeownership.
[LEE ROU HUI]
CHIN XIN AII
The main economic issue discussed in the article is that houses in Malaysia are too expensive for normal people, which is causing a serious household debt problem. This issue is still highly relevant to Malaysia in 2027 because the main causes, such as long loan periods and a mismatch between housing supply and demand, have not been solved yet. The article states the house price is 8.7 times the annual income and if the government only gives short-term help, young people will still struggle financially in the future. To strengthen the discussion, additional evidence from reliable reports can be added. For example, Khazanah Research Institute (KRI) shows that extending a housing loan from 35 to 40 years only lowers the monthly payment by 4.4%, but increases the total cost by 17.4% (Ismail et al., 2019). Furthermore, Bank Negara Malaysia’s (BNM) latest report shows the housing loan impairment ratio was 1.2% in December 2024 and warns that up to 5.6% of household loans could default by 2027 due to financial stress (BNM, 2025). Finally, two research questions suitable for a Systematic Literature Review (SLR) are “How do long-term housing loans affect the financial health of young people in the future?” and “How can the government fix the problem of building too many expensive houses that people do not need?”.
References
Bank Negara Malaysia. (2025). Financial stability review: Second half 2024. https://www.bnm.gov.my/publications/fsr
Ismail, S., Choong, C. W. W., Abdul Hamid, H., Mustapha, N. F., Ho, G., Tan, T. T., Kamaruzuki, M. N., & Mohamed Firouz, A. M. (2019). Agenda perumahan: Peranan kerajaan, pasaran dan masyarakat: Sebuah laporan khas bagi penggubalan Dasar Perumahan Negara (2018–2025), Malaysia. Khazanah Research Institute. https://www.krinstitute.org/
This article “Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia” by Baharudin (2025) discusses the difficulty of homeownership in Malaysia because of rising house prices, static income growth, high household debt, and mismatch between housing supply and demand. Although housing loans enable households to purchase properties, excessive borrowing may increase long term financial commitments and reduce disposable income. The issue will remain relevant to Malaysia in 2027 because housing affordability depends not only on property prices but also on income growth, employment stability, access to financing, and the availability of affordable housing. According to Bank Negara Malaysia (2026), household debt to GDP remained at 84.8% at the end of 2025, while unsold residential properties showed persistent mismatches between housing prices, locations, and buyers’ needs. These findings support the article’s argument that housing affordability remains a structural challenge. However, the article could be improved by using newer official data and explaining how debt repayment affects people with different income levels. For example, the National Property Information Centre (NAPIC) could provide evidence on house prices, residential transactions, and unsold properties, while the Khazanah Research Institute (KRI) could offer research on housing affordability and household living standards. In addition, data from the Department of Statistics Malaysia (DOSM) on household income and expenditure could help determine whether housing costs are increasing faster than household earnings. The article would also benefit from only comparing affordability across states, income groups, and urban and rural areas rather than relying mainly on national indicators. Two suitable research questions for a Systematic Literature Review (SLR) are: (1) How do housing prices and household income levels influence homeownership affordability among low and middle income households in Malaysia? (2) What is the relationship between housing loan commitments and household financial vulnerability among Malaysian first time homebuyers? Overall, the article discusses Malaysia’s housing affordability problems in a relevant way, but using stronger evidence and analysing the different situations of households in more detail would make the discussion more critical and help support better housing policies based on reliable evidence.
References: Baharudin, S. A. (2025). Krisis Pemilikan Rumah dan Bebanan Hutang di Malaysia. MyREF. https://myref.org.my/krisis-pemilikan-rumah-dan-bebanan-hutang-di-malaysia/; Bank Negara Malaysia. (2026). Financial Stability Review: Second Half 2025. https://www.bnm.gov.my/publications/fsr2025h2/ch1b
the government should provide more affordable housing and ensure that house prices are reasonable compared to people’s incomes. Financial education is also important to help people manage their loans wisely and avoid excessive d