Property transactions in Malaysia declined during the first three quarters of 2013, but prices continued to increase, according to Faizan Abdul Rahman, Deputy Director-General at the Valuation and Property Services Department.
The residential property segment accounted for 64 percent of all the property transactions, but the number of deals fell by 14 percent year-on-year. Average property prices stood at more than RM300,000.
In the commercial property segment, transactions dropped by 22.3 percent, while the development, agricultural and industrial sub-sectors slid by 8.3 percent, 13.6 percent and 20 percent respectively.
Overall the number of property transactions slumped to 280,820 units worth nearly RM106 billion from 328,692 units, or RM107 billion in the first nine months of the previous year.
Datuk Rahman was speaking at the 7th Malaysian Property Summit 2014 which was organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants.
Asked for his views regarding the government’s cooling measures, MPS Organising Chairman Choy Yue Kwong said the curbs will prevent speculators from using bank loans to fund their purchases.
“The curbs are slowly taking effect. The measures will have a significant impact on speculation, especially speculators who depend on bank loans,” explained Choy, who is also the Managing Director at Rahim and Co (Selangor) Sdn Bhd.
Meanwhile, CH Williams Talhar & Wong Sdn Bhd reiterated that there is not enough supply of low- to mid-tier houses.
“There is an oversupply of high-end residential property in the market. Prices have gone up too much over the last few years. What people really need is affordably priced lower-to mid-range housing,” said WTW Managing Director Foo Gee Jen.
“Developers will be pressured to cater to this market segment that is most in need. Having said that, the bright side is that the market is expected to stabilise with more realistic prices over the year,” he added.
The residential property segment accounted for 64 percent of all the property transactions, but the number of deals fell by 14 percent year-on-year. Average property prices stood at more than RM300,000.
In the commercial property segment, transactions dropped by 22.3 percent, while the development, agricultural and industrial sub-sectors slid by 8.3 percent, 13.6 percent and 20 percent respectively.
Overall the number of property transactions slumped to 280,820 units worth nearly RM106 billion from 328,692 units, or RM107 billion in the first nine months of the previous year.
Datuk Rahman was speaking at the 7th Malaysian Property Summit 2014 which was organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants.
Asked for his views regarding the government’s cooling measures, MPS Organising Chairman Choy Yue Kwong said the curbs will prevent speculators from using bank loans to fund their purchases.
“The curbs are slowly taking effect. The measures will have a significant impact on speculation, especially speculators who depend on bank loans,” explained Choy, who is also the Managing Director at Rahim and Co (Selangor) Sdn Bhd.
Meanwhile, CH Williams Talhar & Wong Sdn Bhd reiterated that there is not enough supply of low- to mid-tier houses.
“There is an oversupply of high-end residential property in the market. Prices have gone up too much over the last few years. What people really need is affordably priced lower-to mid-range housing,” said WTW Managing Director Foo Gee Jen.
“Developers will be pressured to cater to this market segment that is most in need. Having said that, the bright side is that the market is expected to stabilise with more realistic prices over the year,” he added.
via:http://www.propertyguru.com.my/property-news/2014/2/11933/transactions-down-but-prices-rise
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