THE property market is anticipated to remain subdued moving forward as mixed macroeconomic indicators, both internal and external, indicate a neutral outlook for real estate in the next few quarters.
PropertyGuru Malaysia said the dampening factors include the ongoing US-China tensions, which contribute to slowdown effects for countries with high exposure to China such as Malaysia.
Escalating tariffs have hurt global value chains (GVCs) worldwide, with far-reaching consequences for GVC-related economic growth, the property technology company said.
“While the ringgit has strengthened following positive undertones in the recent US-China trade talks and interest-rate environments in general have improved following rate cuts by Bank Negara Malaysia and the US Federal Reserve, the conclusion of the Home Ownership Campaign (HOC), continued application of revised real property gains tax rates and the absence of strong driving provisions for property in the recent budget spell out a leaner year for property ahead,” PropertyGuru Malaysia country manager Sheldon Fernandez said in a recent statement.
Media Title: The Malaysian Reserve
Date: 15 Nov, 2019