Property Market To Stabilise This Year

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.

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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.

[Source]

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