PROPERTY overhang in Malaysia has risen 48% to 30,115 units in the third quarter of last year compared with the same period in 2017, reflecting a mismatch between the supply and demand of houses in the property market.
The situation has reached a stage where developers, concerned with the oversupply of homes, are expecting this year to be worse than 1999, when the Asian Financial Crisis was in full swing. As such, they urge the authorities to take measures to address the issue and alleviate the glut.
Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Soam Heng Choon said the buyers’ market was skewed towards location, pricing and type, as opposed to the classic mantra of “location, location, location”.
