This could be it – if you are one of those who’s been waiting for the Malaysian property bubble to burst, 2016 could be the year that it FINALLY happens as transactions for residential property falter and buyer sentiment continues to remain subdued amid a gloomy economic outlook.
CH Williams Talhar & Wong’s (WTW) managing director Foo Gee Jen told The Star that he expects a drop in residential property value and transaction volume this year compared to 2015.
“Going into 2016, we see headwinds and home buyers will remain cautious. There is also uncertainty in the job market, which will be a deterrent,” Foo said at the launch of the firm’s 2016 Property Market report this week.
He added that he foresees a more aggressive secondary property market versus the primary market in 2016, although it will not be as active as it was compared to two to three years ago.
According to Foo, supply for high-rise residential properties within the Klang Valley currently outstrips demand.
There is a high supply of “shoebox units” (apartment units under 500 square feet) in the Klang Valley and these might take a long time to fill, perhaps a year or longer, he said.
Want to make your money work harder for you amid the dreary economy? Here’s a tip: you can save money while you spend just by using the right credit card!
[Source]
