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aws试用账号(www.2km.me)_Growth seen, but at a medium pace

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KUALA LUMPUR: Malaysia’s residential property market is expected to register moderate growth in 2022, with developers set to offer more needs-based products following valuable lessons learnt over the course of the Covid-19 pandemic and the past.

CBRE|WTW group managing director Foo Gee Jen said long gone are the days when annual growth for residential property transactions were in the double-digit range.

“In the last two years, we’ve seen a lot of ‘wait-and-see’ approaches from first-time homebuyers or even upgraders,” he said at the launch of CBRE|WTW’s “2022 Market Outlook Report” yesterday.

“We are cautiously optimistic that the market will rebound this year, albeit at a slower pace. It will not be the same level of highs that was seen between 2010 and 2014, where growth was in the double digits.”

Foo said growth will be spurred mostly by pent-up demand, as potential homebuyers now have a better gauge on their level of job security and even salary growth prospects, compared with two years ago.CLICK TO ENLARGE

“Certainly, people now are a lot more confident and not overly dependent on future projections compared with their current needs.”

According to the National Property Information Centre (Napic), the residential property market recorded 61,311 transactions worth RM35.98bil in the third quarter of 2021.

This was a decrease of 31.29% in volume, but a marginal growth in value of 6.5% compared with the third quarter of 2020, which recorded 89,232 transactions worth RM33.78bil.

Additionally, Foo believes that it was right of the government to end the Home Ownership Campaign (HOC) and not extend it further.

“The HOC has been around for quite some time and I think there has been an overstay, in a way, in that we’ve been having the campaign for many rounds and to the point that people have started taking it for granted.

“The way I look at it, moving forward, even without the HOC, I strongly believe that developers will make adjustments and continue to give incentives. But, it will very much be driven by the consumer and listening to the needs of the market.”

The government kicked off the HOC in January 2019 to address the overhang situation in the country.

The campaign, which was intended for six months, was extended for a year. It generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

The government reintroduced the HOC in June 2020 under the Penjana initiative to boost the property market after it was adversely affected by the Covid-19 pandemic.

The campaign, which finally ended on Dec 31, 2021, has been seen by many as an effective buffer against the adverse effects of the pandemic.

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