BY YOGANESWARI VELLUSAMY
yoganeswari@mystar.com.my
THE mantra “follow your heart” is often used when making decisions. But when it comes to property investment, REI Group of Companies chief executive officer and co-founder Dr Daniele Gambero suggests otherwise.
He says young Malaysians should stay focussed, and be more logical while being less emotional.
Owning a home has always been one of the major concerns among young adults. The rising trend of house prices may put most properties beyond the reach of many Malaysians, especially young people just entering the workforce who have to consider their commitments and expenses.
“When it comes to affordability, young adults are often pessimistic about home ownership due to the rising cost of property," said Gambero.
"There is always a concern for the ‘locked out’ generation. They have no idea how and where to start,” he said in an interview with StarPropertyTV.
However, Gambero said there were still plenty of promising properties for young homebuyers, if they could be smart and realistic about the situation.
“The affordable houses in Kuala Lumpur are priced between RM700,000 and RM800,000 while the minimum value of affordable houses within the state of Selangor is around RM395,000,” he said, adding that the younger buyers have to understand the current real estate conditions and be realistic in their expectations when house-hunting.
“Ample knowledge about strategic locations together with a keen eye on the market will go a long way in spotting a promising piece of property.
“Gen Y should educate themselves on the fundamentals of financial knowledge and be positive when dealing with market forces. Trust your brain more than your heart,” said Gambero.
Investing in property may sound scary at first, but it isn’t as devilish as some people make it out to be. It is still one of the safest investments one can make.
“The demand for real estate is still high, therefore the younger generation should be quick when it comes to investing in property. There is no 'right time' – except to act fast in a rising economy,” said Gambero.
According to the National Property and Information Centre, property prices across Malaysia have been on an uptrend despite the 2008 global financial crisis.
The highest increases in house prices are seen in Kuala Lumpur, Selangor, Penang and Johor.
For the full interview, visit bit.ly/propenomygambero
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