KUALA LUMPUR (Feb 17): Government intervention in the property market is needed to ensure an equitable society that can contribute and support the country's economic growth, said Prime Minister Tun Dr Mahathir Mohamad.

“If we let the free market decide housing price, housing price will continue to escalate without limit, and the lower income group will never own a home,” he told the audience when officiating the launch of the National Community Policy or Dasar Komuniti Negara (DKN) today in Puchong Indah, Selangor.

He stressed that while the country continues to grow, the Government needs to take care of the B40 group’s housing needs.

Hence, the Government has introduced affordable housing and low-cost housing schemes for different income levels.

“There’s no point that only the rich gets richer but lower income earners continue to stay in old houses,” he said.

As housing prices continue to appreciate, a property could be an asset for an individual.

“Buying a house is also a long-term investment which could enable one to accumulate wealth in the future,” he noted.