,Savills Malaysia Sdn Bhd group managing director Datuk Paul Khong
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WITH the acceleration of the nationwide vaccination programme and reopening of more economic and social sectors, a pick-up in property transactions in the near term looks promising.
And with the Home Ownership Campaign (HOC) also coming to a tentative end on Dec 31, industry observers and property consultants are optimistic that buyers will be scouting for new homes.
Savills Malaysia Sdn Bhd group managing director Datuk Paul Khong says he expects many prospective buyers to capitalise on the discounts and rebates offered under the HOC, before time runs out.
“This year has been a challenging year with more than three months of full lockdown and as we head towards the end of 2021, many buyers may still decide to pick up a new property to enjoy the final discount packages from developers and incentives under the HOC.
“We do not expect a big surge in property purchases for the remainder of 2021 but may see some last-minute buyers who have been waiting out since the start of the year,” he tells StarBizWeek.CLICK TO ENLARGE
Knight Frank deputy managing director Keith Ooi says while the housing market is on a recovery path, prices, however, are anticipated to remain flat.
“Although there was an improvement in transactional activity in the first quarter of this year, the average house price for Kuala Lumpur, a buyer’s market, was lower by 3.1% year-on-year.
“This is likely attributed to weaker demand amid rising inventory as potential buyers and investors adopt the wait-and-see approach during this trying time.”
In contrast, he says, average house prices for Penang remained resilient with 0.2% growth, supported by initiatives under the various stimulus packages and the HOC.
“Moving forward, with domestic investors shifting from the stock market to safer and less volatile alternative investment products, supported by the record-low interest rate environment, lockdown savings and attractive property deals, the overall housing market is expected to gradually recover throughout 2022.
“But prices in general are expected to remain flattish.”
Going forward, Ooi says the overall value in the residential sub-sector in Malaysia is likely to remain soft throughout 2021.
“Pricing for prime housing, particularly landed properties, are expected to gradually rise throughout 2022, as the property market is widely expected to start recovering on the back of a more positive outlook,” he says.
According to Knight Frank’s latest Global Buyer Survey, the line between primary and secondary residences has become distorted during the lockdown.
“With children being home educated and parents working remotely, some home owners have spent a longer amount of time at home.”