Property development: The influence of demographic changes on the actors and the Malaysian housing demand (preferences) — Preliminary findings (housing consumers)

摘要

The property market was perceived “as an interaction between three (3) main functional components of market activities” (Keogh, 1994). Those market activities are the User Market, the Investment Market and the Development Market. Ratcliffe and Stubbs (2001) stressed that property development today may determine in many respects how people will live in the future. Numerous models of property development process have been developed with the attempt of further explaining how the property market and property development work and interact. In relevance, one of the important factors that feed the success delivery of property development is the role of the actors (agents) involved. In further discussing the matters concerning the property development and the process it is important to include the demographic factors in the study as it was found to be relevant. For instance, studies found that changing demographic trends namely birth and death rates, fertility, mortality, immigration and emigration and their impact on the property market especially on the housing demand. In addition to this especially on the housing study, there is a vital need in including categories of population (according to age or ‘generation’) as different population reflects different housing needs and preferences. Thus, this paper intends to give brief summary on a pilot study findings (preliminary findings) on the research currently undertake as part of a doctoral thesis. This particular research is a study that tries to link property development, demographic changes and Malaysian housing demand (preferences) in one specific context. This research was done by using Malaysian demographic data for example; the Malaysian population by rate and age group, birth rate, life expectancy rate and age at first marriage.