Weekly property round-up: March 7
EDITOR'S TWO CENTS
The Edge, 6 March 2025
Before we proceed, let us define a gig worker. According to the Gig Economy Data Hub website, “Non-standard or gig work consists of income-earning activities outside of standard, long-term employer-employee relationships”.
The gig economy is a labour market characterised by temporary, contract or freelance jobs rather than permanent positions. People earn money by providing on-demand work, services or goods, states Investopedia.
A report by The Star revealed that: “According to World Bank data, over 26% of the Malaysian workforce, or four million people, comprise freelancers, and this number is on the rise, driven by the lure of flexible working hours”.
But it is not all just upside. “Gig workers in Malaysia must confront the lack of job security, absence of critical benefits like savings, retirement plans, healthcare coverage, and limited access to training and education,” stated the same report.
Another problem rears its head when it is time to buy a home. Obtaining a mortgage is difficult for those with variable incomes.
Enter Syarikat Jaminan Kredit Perumahan Bhd (SJKP), created to help first-time homeowners and people without a steady income, such as gig and freelance employees, independent business owners, small traders and entrepreneurs.
Finance Minister II Datuk Seri Amir Hamzah Azizan said that SJKP has helped about 76,000 first-time house buyers obtain housing loan financing totalling RM17.8 billion since its inception in 2007.
He said an additional RM10 billion in guarantees under SJKP for 2025 will help these informal-sector workers in obtaining housing loans.
SJKP also allows extensions for the repayment periods, up to even two generations.
So, gig peeps, time to nail down your dream home! And if you are eyeing one around Kuala Lumpur, Selangor and Seremban, check out EdgeProp’s latest special report on 2025 new launches here.
(Web source: N/A)