MIEA Survey: Property to Improve After Election
Findings from a survey by the Malaysian Institute of Estate Agents (MIEA) point to an improvement in the property market after the 14th general election.
The survey saw the participation of 370 real estate practitioners. Respondents also said mega railway projects such as the High-Speed Rail between KL and Singapore, the Mass Rapid Transit and LRT rail will have an impact on the market.
Said MIEA president Eric Lim: "The majority of respondents are positive and maintained a favourable market outlook ... Although more than 50% of respondents have indicated a poor market outlook for the retail and small office home office market.â€
Meanwhile, MIEA vice president Kelvin Yip said more property developers were reaching out to buyers in the region such as Indonesia, Singapore, Taiwan and Hong Kong to boost sales.
Yip said developers were also delaying launches and giving more rebates going forward.
He said the Penang retail segment will remain very competitive and mall owners will have to upgrade to attract more visitors while in the residential segment, affordable properties will continue to be in demand with properties above RM1million seeing sluggish demand. For Johor, landed residential and industrial properties, especially in Iskandar Malaysia, will see an uptrend this year.