KUALA LUMPUR – Property portal PropertyGuru Malaysia said the current market conditions are favourable for house buyers to look for bargain deals but caution should be a prime factor in any decision-making process.
Country manager Sheldon Fernandez said purchasers must not only consider the cost of owning a property but also whether they can afford it while managing other expenses.
“Overall, a buy is advisable for those who are on sound financial footing and are confident about the future security of income.
“Those in this position will find themselves spoilt for choice in the current buyer’s market,” he said in a statement today.
This year, a significant decline was reported in property transactions and, according to Bank Negara Malaysia's Financial Stability Review for the first half of 2020, property transactions dropped by at least 25% for both volume and value.
Nevertheless, the property market continued to show signs of resilience as transaction declines were less than anticipated, partly driven by various measures and initiatives from the government, he said.
This includes the historically low interest rate, property developers’ aggressive promotions, heightened competition among property sellers, and incentives under the Home Ownership Campaign (HOC) programme.
According to PropertyGuru's Malaysia Consumer Sentiment Study, Fernandez said 57% of respondents expressed their intention to own a home by the end of 2021, while one in six respondents plan to postpone their purchasing plans indefinitely.
“With many Malaysians aspiring to own their own home next year, there are some key trends that will help facilitate the uptake.
"These range from incentives to enhance the macroeconomic environment, measures by the government and property developers, as well as uptake of digitalisation within the property industry,” he said. – Bernama, December 15, 2020
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