Malaysians started 2018 full of apprehension. Our attention was riveted during the 14th General Election, after which we were rewarded with a new government. It was like hitting the refresh button for the country, and the patriotic spirit of Malaysians soared to an all-time high. But the euphoria did not liven up the sluggish economy and the equally lethargic property sector.
In view of the change in government and in the spirit of a new Malaysia, EdgeProp.my asked 19 real estate consultants and three real estate-related organisation leaders about their thoughts on 2018, and to list the major challenges they foresee for the property sector in 2019.
The consensus seemed to be disappointment with the subdued performance of the local property market in 2018 and that the current challenges will continue to plague the sector, while new ones appear — oversupply, affordability, end-financing and overall economic slowdown, among others. Many believe the challenging environment will prevail for some time, considering the lack of growth catalysts in the near term.
Nevertheless, some industry experts are optimistic about the future, banking on the wisdom of the new leadership in Malaysia which is focused on bringing down property prices and to facilitate the development of more affordable housing, while aiming to create a more transparent business environment which will in turn improve consumer and investor sentiments.
EdgeProp.my delves into their thoughts on the country’s property market in the days to come.
Media Title: The Edge Financial Daily
Date: 28 Dec 2018