The local property market is expected to slow down as consumers, buyers and sellers evaluate the current market status before decision-making, following the recent increase in Bank Negara Malaysia’s overnight policy rate to 3%.
He pointed out that the OPR was increased from a low base as pre-Covid levels were about 3% to 3.25%, but Bank Negara Malaysia gradually brought it down to adjust to economic conditions. He noted that the interest rate is returning back towards pre-Covid conditions as in “the last few years, we’ve seen this trend slowly pick up”.
He added that the past successes around the government-led house ownership campaigns were one of the main highlights for potential house owners. He further suggested for the government to focus on “affordable housing” to ensure that Malaysians “have the right kind of supply catered to the right level of demand, based on the location and the right price point”.
Fernandez opined that in the long term the trend could taper or continue and property developers should put up properties that meet the market demand.
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