The future of the property market is in the hands of Malaysia's economic condition, political stability and ability to contain the spread of the Covid-19 virus, urged the Director of National Property Information Centre (NAPIC) Aina Edayu Ahmad.

Concerns were raised yesterday at the 13th Malaysian Property Summit (13MPS) after data was released by NAPIC in September. Although there was a gradual upturn in market activity from April to June 2020, Aina stated that NAPIC sees a soft property market for the rest of 2020 due to the market uncertainty. Latest data showed that the property market saw a steep y-o-y fall in the first half of 2020 (1H2020) and property transaction volume for 1H2020 dropped by 27.9% y-o-y to 115,476.

“The pace of recovery in the property market will depend on economic performance, political stability and the development of the pandemic situation for the next few weeks,” she said.

Further declaring Aina’s concern was the president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), Michael Kong, who was also the organiser of the one-day physical and virtual event titled “Property Market Outlook for 2020-Beyond Covid”.

He urged all stakeholders in the industry to work together to come up with suggestions on measures and policies that could be included in the Budget 2021, which could help to rejuvenate the property market.

“It is important for all stakeholders of the property market including developers, real estate bodies and associations to unite to work on ideas, suggestions and proposals to the government,” Kong said during the opening remarks in the 13MPS.

In embracing the fluid situation of the current political scene, relevant government policies, strategies and plans are crucial to revitalising the sluggish property market.

“Therefore I urge the government to listen to the relevant industry stakeholders and work for hand in glove with the industry experts to rectify issues in the property market,” he stressed.