News & Articles Property Market To Remain Flat In 2015 - MIEA
Property Market To Remain Flat In 2015 - MIEA
13 Jun 2015
By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, June 13 (Bernama) -- The property market is expected to remain flat this year due to weak buying sentiment, said Malaysian Institute of Estate Agents president, Siva Shanker.
Currently, the market is at a moderate level as buyers are staying on the sidelines and maintaining a cautious approach.
The market will not see an increase in the number of transactions but likely a rise in prices.
This is not mainly due to the GST (Goods and Services Tax) because after all with or withou GST, the prices will continue to go up as the construction, building and land costs keep increasing,"" he told Bernama after Affin Hwang Asset Management Investment Forum 2015 here today.
Moving on to next year, Siva said the market would see demand improving slightly by five to six per cent for residential properties.
"We expect the market to continue growing higher by 2018 driven by the supply, demand and location of the properties. If you intend to buy a house, now is the right time because the longer you wait the higher price you need to pay,"he said.
Earlier during the forum, Siva said those looking for properties, especially first-time buyers, should purchase those that are affordable and then upgrade gradually.
People tend to buy properties that they cannot afford. They end up saving money for the targeted property but by the time they can afford it, the price already has gone up further.
"It's better to buy a cheaper property and then sell it and later upgrade to a bigger and better one,"he said.
KUALA LUMPUR, June 13 (Bernama) -- The property market is expected to remain flat this year due to weak buying sentiment, said Malaysian Institute of Estate Agents president, Siva Shanker.
Currently, the market is at a moderate level as buyers are staying on the sidelines and maintaining a cautious approach.
The market will not see an increase in the number of transactions but likely a rise in prices.
This is not mainly due to the GST (Goods and Services Tax) because after all with or withou GST, the prices will continue to go up as the construction, building and land costs keep increasing,"" he told Bernama after Affin Hwang Asset Management Investment Forum 2015 here today.
Moving on to next year, Siva said the market would see demand improving slightly by five to six per cent for residential properties.
"We expect the market to continue growing higher by 2018 driven by the supply, demand and location of the properties. If you intend to buy a house, now is the right time because the longer you wait the higher price you need to pay,"he said.
Earlier during the forum, Siva said those looking for properties, especially first-time buyers, should purchase those that are affordable and then upgrade gradually.
People tend to buy properties that they cannot afford. They end up saving money for the targeted property but by the time they can afford it, the price already has gone up further.
"It's better to buy a cheaper property and then sell it and later upgrade to a bigger and better one,"he said.
Source: Bernama