Property: What will 2018 be like?
04 January 2018
Kuala Lumpur, 04 January :
Tang Chee Meng (Henry Butcher Malaysia Sdn Bhd chief operating officer)
The word for 2017: Sluggish
The Malaysian property market has remained sluggish and uninspiring but generally stable. Developers had to offer more incentives to attract buyers and had to give out higher commission rates to agents to help them sell their projects.
Take-up rates were also generally sluggish, although some bright spots were noted in some projects located in popular locations.
In the secondary market, sellers were more realistic in setting asking prices and were more willing to negotiate.
Based on the National Property Information Centre’s statistics, sales performance of new launches in 1H17 was actually better than the corresponding period the previous year. We are of the view that the current sluggish market conditions will persist in 2018 but the market is in no imminent danger of crashing.