The International Real Estate Federation (FIABCI) Malaysia is hopeful that the property sector will start seeing significant improvements in 2023.
Coming off of the pandemic, FIABCI Malaysia president Datuk Firdaus Musa said the property market has been seeing some improvements already, this year.
“Based on the latest statistics released by the National Property Information Centre, property market activity recorded better performance in the first half of 2022.
“More than 188,000 transactions were recorded worth RM84.40bil, showing an increase of more than 30% in volume and value compared to the same period last year, as all property sectors recorded year-on-year growth,” he told StarBiz.
Firdaus said the overhang situation also showed improvement with a significant decline of 7.5% and 4.6% in volume and value respectively, to 34,092 units worth RM21.73bil.
“Although house prices continued their slow pace of growth, the office and retail sectors remained unchanged.
“However, in the third and through the fourth quarters, the residential market showed slower activity due to the increase in the overnight policy rate, resulting in lower take up rates of new and completed projects.”
Still, Firdaus said the movement of office and retail activities showed a sudden surge in office and retail requirements, amidst the expectation of a new government and the positive outlook of the economy based on exports activities.
“Going into 2023, I hope that there would be new economic policies, the foreign direct investments influx and a fresher and investor friendly approach that should be able to kick-start real estate activities, especially in new and more dynamic development projects.” - The Star
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