Napic: Softer Outlook For Property
It will be another challenging year for the property sector, said the National Property Information Centre (Napic), with the outlook continuing “to soften” in the short term.
The association revealed that completed-but-unsold residential units ballooned to RM12.26 billion for the first half of this year, from about RM8.56 billion a year ago. In 2015, the amount was just RM4.92 billion.
Known as an “overhang”, the total unsold completed units stood at 20,876 this year, compared with 14,792 at the end of the last year, most of them high-rise residential units priced RM500,000 and above.
But Napic denied that this phenomenon signified a bubble. Its director, Khuzaimah Abdullah, defined a bubble as an exorbitant and unsustainable price increase.
“Prices fall and do not go up. That’s a bubble. What we have is ‘overheating’ of prices, not a bubble,” she said.