Property Market To Stabilise This Year
The overall property market is expected to stabilise this year following the positive 5.9% GDP growth last year.
According to the Valuation and Property Services Department’s National Property Information Center director Md Barul Hisham Awang, the property transaction volume and value, which saw a drop rate to a lower single-digit figure last year, is set to stabilise this year.
He said it is unlikely for the prices to drop, while the number of transactions remain stable.
The transactions numbers reportedly dropped by 2.7% to 311,824 from 2016 until last year, which were slower than 11.5% and 5.7% in 2015 and 2016 respectively.
Moreover, transaction values fell to RM139.84billion by a 3.8% drop last year compared to the 8% decline in 2015 and 3% in 2016.
The value of residential sub-sector transactions increased by 4.4% while volume also shrunk by 4.1% in 2017.
“[Looking at the numbers], it seems that our market is getting better and improving,” he said.