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Malaysia's property market on road to recovery
Malaysia's
slow property market should recover in six to nine months, according to
The Real Estate and Housing Developers Association.
General confidence amongst would be property buyers in Malaysia have
weakened considerably in recent months.
This follows a 41 per cent hike in
petrol prices in June, while many prospective buyers are having problems
obtaining a mortgage as banks become stricter in approving loans due to a tough
economic outlook.
Now, experts are predicting that the market will strengthen when the supply
of materials stabilises and people adapt to the higher cost of living.
Chairman of The Real Estate and Housing Developers Association, (REHDA) Datuk
Michael K C Yam, said, "In 2009, the cloud will be clearer.
"When there is certainty in fuel price and there is regular cement and steel
supply at market-driven prices, I think people can better plan their lives."
A sharp rise in construction costs has seen the price of buying a new-build
home in Malaysia
shoot up.
For the same reason, developers have lowered the number of residential units
they are launching.
The average number of residential units to be launched per developer for the
second half of this year is 152 units, less than the 169 units in the same
period last year.
Terrace houses remained the most popular, with 50.4 per cent of the market
hankering after them, mostly in the £16,000 to £40,000 price range, followed by
apartments and condominiums at 15.6 per cent.
Browse Malaysian properties for sale at www.themovechannel.com/property/Malaysia/
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