THE soft property market trend is expected to continue this year due mainly to a mismatch between demand and supply. And this imbalance is exacerbated by a slower household income growth, says National Mortgage Corporation of Malaysia (Cagamas) president/chief executive officer Datuk Chung Chee Leong.
“Looking at the house price index released by the National Property Information Centre, we see that in the third quarter of 2018 there is only an increase of 1.1% which is relatively low
compared to 6%-7% in the late 2000s.
‘There is a huge demand for houses from some sectors, particularly for affordable housing, but there are lots of unsold units. The oversupply or housing overhang is about 30,000 units,” he told StarProperty.my.
MediaTitle: The Star
Date: 03 Apr 2019