According to the PropertyGuru Consumer Sentiment Survey H1 2019, the ongoing oversupply of residential properties in Malaysia is making projects in the primary market lose their appeal.
PropertyGuru Malaysia country manager Sheldon Fernandez said there is growing disparity between new project launches and actual demand, in terms of pricing, location or other considerations. “It’s possible that location is the driving factor behind these changes, with purchasers prioritising older projects in central, more mature townships. Another possible factor is immediacy, as subsale properties are available for home seekers to move into right away.”
The respondents are most interested to buy properties in Petaling Jaya, Subang Jaya, Damansara, Shah Alam, Cheras, Kuala Lumpur city centre, Puchong, Bangsar, Ampang and Mont Kiara.Fernandez said for respondents aged between 22 and 39 years old, financial eligibility and price per sq ft were core factors in decision-making, as reported by about 23 and 37 per cent of respondents in the demographic, respectively.