Southeast Asia's middle class gives up on home ownership as the wealth gap widens
Malaysia 's largest city – and found just one missing piece: a home of his own.
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But as he took the plunge into Kuala Lumpur's property market, the dream of escaping the endless cycle of renting quickly receded from view.
'Most of the units I see are small and the finishes feel very 'developer budget',' Hafiz told This Week in Asia, reflecting on his so-far fruitless property hunt.
With enough money squirrelled away for the down payment on a 750,000 ringgit (US$178,000) condominium, Hafiz had hoped that finding an affordable, well-situated home for his family would only be a matter of patience.
What he discovered instead was a city where space is scarce and value for money has all but vanished, especially for Southeast Asia's squeezed middle class.
It's getting ridiculous
Hafiz Sujang, Malaysian house-hunter
'It's getting ridiculous,' he said. 'You pay 700,000 ringgit and still have to fight for a parking spot.'
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