FACTORS AFFECTING HOUSING PRICES IN MALAYSIA PJAEE, 17 (6) (2020)

FACTORS AFFECTING HOUSING PRICES IN MALAYSIA

Norani binti Amit*1, Hasimah binti Sapiri2, Zahayu binti Md Yusof3

*1
Department of Statistics, Faculty of Computer and Mathematical Sciences,
Universiti Teknologi MARA Cawangan Negeri Sembilan, Seremban Campus, 70300
Seremban, Negeri Sembilan, Malaysia
2,3
Department of Mathematics & Statistics, School of Quantitative Sciences,
Universiti Utara Malaysia, 06010 UUM Sintok, Kedah, Malaysia.

[email protected]*1, [email protected] , [email protected]

Norani binti Amit*, Hasimah binti Sapiri, Zahayu binti Md Yusof : Factors Affecting Housing
Prices In Malaysia -- Palarch’s Journal Of Archaeology Of Egypt/Egyptology 17(6). ISSN 1567-
214x

Keywords: Housing Price, Affordable Housing, Factor Analysis

ABSTRACT
Housing prices in Malaysia are greatly influenced by various factors, both internal and external.
The increase in housing prices has led to the existence of affordable housings, especially for the
middle-class society. However, this “affordable housing” is no longer affordable to most
Malaysians due to a sharp rise in house prices. Therefore, this research aims to determine factors
affecting housing prices in Malaysia. This research was carried out by using questionnaire
surveys with 100 respondents consisting of homebuyers participated in this survey. Factor
analysis has been used and all the 46 items. Accordingly, the factor analysis final outcome was
five factors, namely; financial assistance, housing performance, housing motivational, housing
market and housing policy. The result obtained has proven that the instrument has high reliability
and validity. The findings from this research can be used as a guideline for the policymakers,
developers, urban planners, contractors and homebuyers in creating strategies to deliver
affordable housing prices in the future.

INTRODUCTION
As a developing country, Malaysia has been experiencing major
economic developments particularly in recent years which led to the growing
housing demand. Over the past ten years, along with rapid technological
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changes and skyrocketing construction costs, the price of housing in Malaysia

also experienced a steep rise. The rise in housing prices is also caused by strict
environmental policies and the entry of innovative and state-of-the-art designs
into the industry [1]. Reviewed by Osmadi et al. [2] using secondary data
derived from the National Property Information Centre (NAPIC), the price of
houses in Malaysia is determined by the population, the prevalence of demand
and supply, location, physical topography, access convenience, developer,
material costs and income. The imbalance between the high costs of home
ownership and the low annual income of the general population has long been a
major debate [3]. A majority of the populace has raised concerns of their
inability to own a home because of the exorbitant property prices. The dearth
of sufficient and reasonably priced housing has become a serious issue in this
country. Due to the increase in prices, housing prices problems become one of
the important topics being studied among academicians. Among popular issues
that arise in the housing sector are financial assistance [3-5], housing
performance [6-9], housing motivational [10-12], housing market [13-15] and
housing policy [16-18], to name only a few.
To date, there are many literatures has grown up in the field of housing
price in Malaysia. Ong [3] in his study measure the relationship between
macroeconomic variables and the housing price. Variables selected include
gross domestic product (GDP), population, inflations rate, costs of
construction, interest rate and real property gains tax (RPGT). This result
shows that gross domestic product (GDP), population and RPGT are
significantly influences to the housing prices in Malaysia. Another research by
Saad et al. [19] focused on developer‟s point of view among contributing
factors involved in determining housing price in Kuala Muda, Kedah. Among
the risk factors that need to be addressed are construction costs, location,
financial assistance and government policy. The results show that the location,
financial assistance, construction costs and government policy affect housing
prices in Kuala Muda District from the point of view of developers.
Meanwhile, Ganeson and Ab Muin [20] was conducted the study where
macroeconomic factors were seen to be the determining factors on the
movement of house prices in Malaysia. The independent variables selected are
gross domestic product, inflation, unemployment rate and population to signify
its relationship with the house price index. The results from this study shows
that only inflation rate and unemployment rate are statistically significant to
determine the house price index in Malaysia. Therefore, this study aims to
determine the factors that affecting housing prices in Malaysia by using
Exploratory Factor Analysis (EFA). Structured questionnaire items were used
to find the variables that affecting housing prices rather than reproduce
variables from previous studies. EFA attempts to specified construct for
independent variables together in which questionnaires are used that consist of
a lot of questions (variables).
In general, researchers measure house pricing changes based on
numerous factors and using different methods. Most researchers focus on
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micro-economic, macro-economic and demographic factors as well as

government policies in explaining the phenomena [19-22]. Recent literatures
are concerned with three general approaches that may be used to measure
house price indexes, namely; stratification, hedonics and repeat sales method
[23-24]. These methods measure the average price of houses sold in a given
period. Olczyk et al. [25] stated that the problem with repeat sales method is
the risk of bias. For instance, when there is an increase in the sales of highly-
priced houses between two periods but the prices remain the same, there will
be an increase in inaccurate pricing. Effective analysis were applied through
data properties, study design, and the questions to be addressed, all have an
orientation on which methods will yield the greatest advantage in determining
factors that associated to the housing prices [26]. Therefore, Exploratory Factor
Analysis (EFA) is suitable to be used when the factor structure is not known
[27-28]. In other words, it does not have any previsions or concrete hypotheses
about the number of factors and their relationship [29]. Many researchers [30-
35] used factor analysis for assessment of the factor structure. This research
provides a preliminary overview of the factors that may affect the housing
prices in Malaysia.

METHODOLOGY
This is an exploratory study utilizing a quantitative method. Data
collection is carried out using survey questionnaire that was distributed to a
sample of 100 respondents. In this research, the respondents entail homebuyers
or potential homebuyers. Based on the general rule, the sample size is deemed
as sufficient based on the minimum size suggested by Sander et al. [36], i.e. 5
samples per variable. Sample selection is broadly based on two approaches
namely probability and non-probability [37-38]. This current study utilizes the
non-probability sampling technique which is a convenience sampling technique
whereby the samples are conveniently selected at the location where the
researcher is carrying out the data collection process [39].
For the purpose of this study, the newly designed questionnaire survey
forms were self-administered. There are 4 parts to the questionnaire i.e. Parts A
to D. Part A captures the respondent‟s demographic profile entailing their age,
gender, ethnicity, marital status and highest education level. The respondents
were also asked about whether they are a homeowner or otherwise. Part B
inquires about the respondents‟ current employment background including
their occupation, current gross monthly salary, gross annual salary and total
years of working experience. Part C entails questions about the respondents‟
current residence in terms of type of house, total years of living there and
whether the house is their own, rented, family-owned or others. If the
respondent is a homeowner, two sub-parts will follow entailing questions about
the price of the house, how it was acquired, and its monthly mortgage. Lastly,
Part D inquires about the respondents‟ opinion about certain housing attributes
and the extent to which those attributes influence the price of houses. The

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answers are measured using a 5-point Likert scale ranging from „strongly
disagree‟ to „strongly agree‟.
The data analysis comprised of demographic information, Exploratory
Factor Analysis (EFA) and reliability testing. Cudeck [40] delineated factor
analysis as a group of methods for elucidating the relationships between a set
of variables as affected by several key factors. Factor analysis is typically used
in categorizing variables based on analogous correlational patterns [41-42].
Factor analysis aims to identify the basic factors affecting a group of variables,
quantifying the degree to which each factor affects the variable and attaining
more information of their nature by determining the exact factor that affects a
given variable. The analysis aims to classify the variables into sub-groups that
are potentially different from the others, but are identical within its own. Factor
analysis mainly conceptualizes that multiple observed variables possess
analogous response patterns due to their linkage with a fundamental latent
variable, a complex factor to measure.

RESULTS
Descriptive Statistics
The descriptive statistics delivered in this study entails the frequency
and percentages of the respondents‟ demographic profiles which are described
in terms of gender, age, occupation, monthly income and education level. Out
of the total respondents, 24% are males and the majority of 76% are females. In
terms of age, the respondents are between 20 and 64 years old. Most are in the
age group of 25-34 years old (42%) and 35-44 years old (40%) followed by 45-
54 years old (9%), less than 24 years old (5%) and 55-64 years old (4%). The
survey questionnaire was especially designed for homeowners or household
members who are knowledgeable about the details of their houses. A total of
57% of the respondents are public sector workers followed by private sector
workers (34%), self-employed (8%) and others (1%). Figure 1 shows the
respondents‟ monthly income level ranging between RM 3,001 and RM 4,000
(18%), RM 2,001 - RM 3,000 (16%) and RM 6,001 - RM 7,000 (15%). A total
of 43% of the respondents have a Master‟s degree while 38% are Bachelor‟s
degree holders as shown in Figure 2.

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Figure 1 Monthly Income

Figure 2 Level of Education

Factor Analysis
Factor analysis was generated to discover the factors affecting housing
prices in Malaysia. The factorability of the overall matrix was determined
using Bartlett‟s test of sphericity and the Kaiser-Meyer-Olkin (KMO) measure
of sampling adequacy. The value derived from the Bartlett‟s test of sphericity
was found to be significant (p=0.000) as shown in Table 1. In addition, the
KMO measure was 0.910 which is greater than 0.6. Kim et al. [43] stated that
the value that acceptable for KMO is above 0.6. Based on these results, factor
ability was assumed [36]. Factor Analysis was performed to determine the
factors that affect the decision of buyers to purchase a house.

Table 1 KMO and Bartlett‟s Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy .910

Bartlett‟s Test of Sohericity Approx. Chi-Square 5994.620

df 1035
Sig .000

The Total Variance Explained in Table 2 showed that there were seven
components with initial Eigenvalues more than 1.0. The first component
explained 57.73% of the total variance, 64.43% for second component, 68.94%
for third component, 72.43% for fourth component, 75.68% for fifth
component, followed by 78.63% and 81.34% respectively.

Table 2 Factor Showing the Eigenvalues and Variance Explained

Factors Eigenvalues Variance Explained

F1 26.56 57.73
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F2 3.08 64.43
F3 2.08 68.94
F4 1.60 72.43
F5 1.50 75.68
F6 1.36 78.63
F7 1.24 81.34

Table 3 demonstrated all the factors related to the housing price. Based
on Table 3, the initial communalities denote the correlation between the
variable and all other variables before rotation. Communalities can be
explained as a continuation of factor loadings, meaning that the communality
of a variable is the sum of the loadings of this variable on all extracted factors
[44]. If the majority of the communalities are low (< 0.30), it is likely that a
small sample size will misrepresent the outcomes. The analysis shows that
there are 46 items related to the housing price factors; it shows that all 46 items
had initial communalities greater than 0.30, as it is a good sign. The
communalities values for the entire 46 questionnaire items ranged between
0.581 to 0.896; thus, all the questionnaire items are retained and are under the
acceptable limits [45]. Instead of 7 components are listed, only 5 components
are available which mean a total of 46 items were succeed to meet a criterion.

Table 3 Factor Structure, Communalities and Factor Loading of Items

Commun Factor Loading

No Item
alities
Financial Housing Housing Housin Housi
Assistan Performanc Motivati g ng
ce e on Market Policy
1 Down payment .581 .380
2 Deposits .735 .380
3 Commitments .859 .917
4 Housing Loan .879 .925
5 Insufficient Mortgage .871 .975
Real Property Gains
6 .858 .507
Tax (RPGT)
Developer Interest
7 Bearing Scheme .856 .517
(DIBS)
Base Lending Rate
8 .866 .678
(BLR)
Loan to Value Ration
9 .867 .654
(LTV)
10 Cooling Measure .842 .595

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11 Shop .880 .908

12 Supermarket .888 .904
13 Public Infrastructure .886 .786
14 Public Transportation .752 .721
15 School .764 .616
16 Work .765 .383
17 Crime Rate .816 .434
18 Safety .878 .367
19 Pollutants .793 .667
20 Society .837 .363
21 Environment .848 .389
22 Built Up .851 .729
23 Living Area .877 .739
24 Dining Area .863 .793
25 Bathrooms .835 .727
26 Rooms .846 .501
27 Internal Structure .789 .509
28 External Structure .817 .416
29 Financial Return .805 .277
30 Investment Instrument .841 .210
31 Necessity .706 .209
32 Reselling .754 .128
33 Early Working .745 .648
34 Expensive .749 .305
35 Overvaluation .861 .408
36 Housing Cost .851 .460
37 Volatility .840 .407
Material & .515
38 .653
Construction
39 Foreign Investors .726 .518
40 Existence Policy .765 .662
41 Purpose Policy .774 .793
42 Change Housing Policy .793 .617
43 Financial Literacy .798 .688
44 Housing Schemes .780 .641
45 Home Ownership .884 .733
46 Controlling Policy .896 .637

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Based on the factor loading results, the researcher indicates that there
are five important factors that can be related to the housing prices in Malaysia.
The first factor is referred to the financial assistance. According to Chen et al.
[46], household income is correlated to house price and both significantly
affect housing affordability. Apart from that, Central Bank of Malaysia stated
that the financial institution needs to ensure that the mortgage repayment for
the bank cannot exceed a third of their monthly gross income (30%).
Meanwhile, the second factor found is housing performance. For this research,
housing performance consists of locational component, structural component
and neighbourhood component. Kim et al. [47] suggested that the housing
performance measurement model which is based on the indicators of housing
environment, housing function, and housing comfort.
The third factor involved is housing motivation. Motivation has been an
important reason in the explanation of home owning [48]. There is much
evidence that home owning associated with motivation. Home become an
investment because it gives the financial return through rental payment from
tenants [46] or through capital growth since increased price of the property due
to higher demand [49]. The fourth factor entails the housing market of which
volatility has raised a lot of concerns in recent times. Leung et al. [50]
recommended that supply elasticity differences can justify the variations in
house price volatility. In the context of major US cities, the authors found that
supply elasticity has a negative and significant effect on housing volatility. The
fifth factor is related to the housing policy. The Ministry of Housing and Local
Government in Malaysia had initiated the National Housing Policy (NHP)
which provides sufficient, comfortable, quality and affordable housing for the
public so as to improve their quality of life. The objective is to provide an
opportunity for all Malaysians especially those in the lower income groups to
have access to proper housing. This is to address the imbalance in prevailing
housing needs particularly for the low-income and middle-income groups
considering that home ownership affordability is linked to the income and the
market prices of houses.
Reliability Test
The reliability of the questionnaire depends on the internal
homogeneity of the set items as measured by Cronbach„s coefficient.
Cronbach‟s Alpha was used to interpret and explain the reliability among the
variables measured. Cronbach„s coefficient was also used to measure the
reliability of the dimensions of factors affecting housing prices. Coefficient
values of more than 0.7 are considered acceptable, but 0.6 is deemed
acceptable as well for developing the new questionnaire [51]. The values of the
Cronbach„s alpha are shown in Table 4.

Table 4 Cronbach‟s Alpha of Items

Factors Cronbach‟s Alpha value

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Financial Assistance .922

Housing Performance .974
Housing Motivation .866
Housing Market .939
Housing Policy .939

Therefore, it can be concluded that the five factors studied are

consistent and thus reliable for measuring the housing prices. The collective
Cronbach‟s alpha reliability for the first factor is 0.922 consisting of ten items,
while the second factor consisting of 18 items has a Cronbach‟s alpha of 0.974.
The third factor consisting of five items has a Cronbach‟s alpha of 0.866, while
the fourth (six items) and fifth (seven items) factors have the same Cronbach‟s
alpha values of 0.939.

CONCLUSIONS
Issues pertaining to housing prices have been among the major
concerns for house buyers in Malaysia. This research was conducted to
determine the factors influencing the price of houses in Malaysia. The factors
identified are financial assistance, housing performance, housing motivational,
housing market and housing policy. With regards to previous literatures and
comprehensive reviews on housing prices, all these factors are found to be
important in determining and measuring the price of houses in Malaysia, which
has been increasing from year to year. In order to stabilize the housing price,
housing industry experts need to observe the matter from the perspective of
homebuyers. This research offers beneficial and practical guidelines for the
housing industry stakeholders and field researchers. Besides that, this research
could help homebuyers to understand the causes of the rising price of houses in
Malaysia.

ACKNOWLEDGEMENT
The authors are grateful for the financial support received from
Ministry of Higher Education Malaysia under the Fundamental Research Grant
Scheme (S/O Code: 14368). We also thank the anonymous reviewers for their
useful suggestions.

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