When we want to know the state of the property market, we could ask our friendly neighbourhood real estate negotiator (REN) friend. Seriously lah. The RENs are usually specialists in a certain area and they are usually friendly. 😛 We could also ask the Malaysian Institute of Estate Agents (MIEA) president Eric Lim Chin Heng. Please refer full article in NST here. Eric shared that the Malaysian property market is expected to improve and this will continue until 2020. This is because the property market may have already hit the bottom in 2017 when transaction volumes hit 311,824. His prediction is based on the market’s “confidence-gaining growth” as well as the fundamentals improving under the new government. Last week he said this in a statement, “Real estate investors, who have been playing an important part in the property market’s growth, have been on the sidelines for many years and are looking forward to coming back to the market.”
I think what he said may be true because these days, I am receiving more questions from my friends on some properties they were eyeing. This includes even Malaysians working overseas,in Singapore for example. For the longest of times, everyone were not thinking about property because of the many uncertainties. Remember that news about the state of the economy much earlier? That one which said that Malaysia will go bankrupt in the near future? I went into an argument with a Whatsapp group of my fellow scouts just to reiterate that Malaysia is NOT in trouble and if he thinks it is, it is best he liquidates all his assets and quickly buy into something much safer. Perhaps even in a neighbouring country or that advanced property market country favoured by many. Anyway, we remain friends and nowadays, that group is full of positive news about Malaysia. Yeah, times have changed. New Malaysia now.
Moving on with the article, Eric said that MIEA believes that the implementation of new policies by the government will boost the property market. Property consultancy firm Knight Frank Malaysia meanwhile shared in a statement last month the property market experienced a positive recovery during the first half of this year following the strong growth momentum after the 14th General Election. Here’s that article: Slightly up. Recovery in property market Malaysia? Briefly, Knight Frank shared that market sentiment improved during the first half and Kuala Lumpur remained one of the well-liked destinations for property buyers and investors. Knight Frank Malaysia associate director of residential sales and leasing, Kelvin Yip shared, “During the first half, potential buyers and investors switched from a ‘wait-and-see’ approach and are now genuinely seeking good bargains in the market. This trend reduced the chances of a sharp correction in the residential property market as we expect stronger demand to continue and the over supply situation to be less severe.” Please refer full article in NST here. Happy believing.
written on 21 Aug 2018
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