Property Market Still Holding Up, Says Valuation Board

Property Market Still Holding Up, Says Valuation Board

The property market is still holding up despite remaining soft in 2017, said the Valuation and Property Services Department.

Its director-general, Nordin Daharom, said this was due to transactions taking place.

“The overall market activity is recording a lower rate of decline compared to the past two years. In my opinion, the property market is still holding up and transactions are still taking place, indicating that there is still demand for properties, provided the right kind of products at the right price and location are available in the market,” he said.

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According to the department’s National Property Information Centre, the total real estate transaction volume was 229,529 in the first nine months 2017, down 4.33% from 239,919 recorded in the corresponding period in 2016.

This in turn led to a drop of 5.72% from the previous year. In 2015, the total volume of transactions was down by 11.5% from the corresponding period in 2014.

“The property market is gradually adjusting to the changing economic environment, financial landscape and buyers’ sentiment. In a way, we are probably seeing the property market reaching a new normal,” Nordin was quoted as saying by The Edge.

He added that properties in the Klang Valley would still be in demand, supported by economic growth and incentives for the housing sector.

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