While there is no oversupply of residential properties in the country, there have been mismatches in price, location and product, which led to an overhang, according to CBREI WTW Managing director Foo Gee Jen.
Speaking at a conference entitled “Utilising data to build demand-driven real estate”, organised by the Real Estate and Housing Developers’ Association Malaysia (REHDA) Institute on May 3, he said the country had an annual population growth of 1.3% or 390,000 people, and its population as at 2017 was 32 million. This means that 97,500 new homes are needed yearly (based on an average household size of four).
