KUALA LUMPUR, Feb 25 — The property market is displaying signs of resilience, registering no change in the overall asking prices for the final quarter of 2020, according to PropertyGuru Malaysia.
The latest PropertyGuru Malaysia Property Market Index (MPMI) report, released today, said overall asking prices stayed at 88.60 points in both Q3 and Q4 last year.
The property portal said this could be due to anticipation of the national Covid-19 vaccination programme which was launched by Prime Minister Tan Sri Muhyiddin Yassin yesterday.
Country manager Sheldon Fernandez said the property market is expected to improve considerably in 2021, specifically in the second half of the year.
He also said that an anticipated 5.1 per cent economic growth forecast and Bank Negara Malaysia’s decision to maintain the overnight policy rate at 1.75 per cent, with a possibility that it will be cut even further, lends further weight to this view.
“It is prudent to note that these are not ‘typical’ times, and any worsening of the Covid-19 situation would translate negatively on all sectors of the economy,” he said in a statement today.
The MPMI aggregates and indexes data from over 450,000 listings on PropertyGuru.com.my. Based on supply listings tracked on the portal, it was found that the overall yearly supply continues to move upwards by 0.98 per cent year-on-year.
Despite disruptions brought on by the pandemic, this indicated the supply of property stock is gradually making its way back into the market.
“Quarterly fluctuation or inconsistencies in supply volume during the current pandemic climate are reflective of commercial activity limitations.
“This is caused by the tightening and loosening of movement control regulations, rather than fundamental demand-supply factors that typically define the market movement,” Fernandez said. — Bernama