Thursday, 05 Dec 2019 07:53 PM MYT
Country manager Sheldon Fernandez said residential overhang had resulted in the supply-demand imbalance in the market hence the downtrend of asking prices for properties, seen since 2015. On the expected uptick in H2 2020, Fernandez said it would still depend on how the R-T-O kicked into the market, as well as the response to the lower property threshold for foreigners.
In terms of asking prices for properties in 2020, a year-on-year decrease of 0.9 per cent is expected, similar to the price index published by the recent PropertyGuru Market Index report for Q3 2019. Commenting on this, Malaysian Institute of Estate Agents chief executive officer Soma Sundram urged the government to have some systematic planning and “some kind of control” over the property overhang scenario in the country.