Malaysia Housing Market And Property Update

 

Malaysia Housing Market And Property Update

The pandemic in 2020 affected the property market in Malaysia greatly in such a way that real estate investors have to consider very well before buying property. According to Tey Yong Qing after the Malaysian government implemented total lockdown as a means to curb the spread of the Covid19 virus. Things become difficult for many real estate agents. Many of the property developers had to suspend constructions during the lockdown period, all of which contributed to Malaysia having very low property transactions that year in comparison to previous years. Property Malaysia showed recovery in 2021 when the lockdown was lifted and the economy reopened.   

What Should Be Expected In The Malaysia Housing Market

Towards the end of 2021 there was little improvement in the property market and the Home Ownership Campaign program is part of what contributed to the improvement. This program was discontinued in December 2021 but if the government can extend the program to the secondary market in 2022 it will help and support homebuyers. With the new variants of the Covid19 on the rise, it is expected to see investors taking caution in the first and second quarter of the year. As the variants may affect the recovery of the market, the rise in the price of building materials and the interest rates that can increase anytime soon.

All these can cause the market not to recover as expected this year. But as the government plans to stabilize the economy and as consumers begin to secure jobs, interest in buying property will increase. Despite all the sentiments in the market presently buyers can still take advantage of the low interests to buy property as the market is expected to continue to recover. Looking at the performance of the property market in Malaysia towards the end of last year it may be the right time to start buying properties.

Reactivation Of Office Leasing

As companies return to their office spaces you can expect to see companies moving to new, better and mostly smaller office spaces. Since most companies have adopted remote work and work from home systems. With flexibility in working that is expected to continue in 2022 which will bring more relevance and the adoption of co-working space. There is a possibility to see the renovation of old office buildings for other purposes or to meet up with the new demand from companies. The office leasing market will experience an increased vacancy rate as there is more supply and less demand. 


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