KUALA LUMPUR: Investors should have the freedom to purchase as many properties as they desire without limitations, said Samuel Tan, founder and CEO of Olive Tree Property Consultants.

Tan suggested that restrictions, if any, should only apply to affordable housing.

"Affordable housing is a national social agenda, and placing limits here would create more opportunities for others to buy. This is a free market, and investors should have the liberty to buy as many homes as they can afford," he told Business Times.

"This approach not only supports the housing and related industries but also facilitates wealth creation, as property is a strong hedge against inflation. Don't limit housing purchases."

Tan's comments were in response to a recent episode of the Keluar Sekejap podcast, where former UMNO leaders Khairy Jamaluddin and Shahril Hamdan discussed the potential benefits of restricting property purchases to address the shortage of affordable housing.

Khairy and Shahril suggested that imposing limits on property investments could reduce the stock of unsold high-end homes and stabilise prices.

In August, international real estate firm Juwai IQI reported that median home prices in Malaysia had risen by RM136,716, representing a 42 per cent increase from RM330,427 in 2014 to RM467,143 in 2023.

Meanwhile, data from the National Property Information Centre showed a decline in unsold residential properties, with 22,642 completed units worth RM14.24 billion still on the market in the first half of this year, most priced below RM300,000.

The Real Estate and Housing Developers' Association (REHDA) Malaysia said recently that Malaysia should not impose restrictions on property purchases, as this could harm the housing industry and the 180 related sectors, ultimately impacting the national economy.

"Property purchases are made for other reasons too, besides shelter, hedge against inflation, and wealth preservation. There are those who purchase as gifts to family members, such as parents buying a home for their children," said Datuk Ir Ho Hon Sang, the president of REHDA.

Datuk Chang Kim Loong, honorary secretary-general of the National House Buyers Association (HBA), said he observed that many people choose to invest in property due to limited awareness of alternative options such as jewellery, gold, or art.

He also agreed that restrictions should apply to affordable housing purchases but maintained that the government should not prevent individuals from investing their "hard and legitimately earned" money in other property categories.

Chang pointed out that most affordable housing units are already earmarked for first-time homebuyers under government schemes and are typically priced at RM300,000 or below.

He emphasised the need for robust policies to ensure a sufficient supply of affordable housing.