Despite a drop on a year-on-year basis, the PropertyGuru Market Index saw a 0.8% increase to 86.2 in the second quarter (Q2) of 2019 from 85.4 in Q1 2019.
PropertyGuru Malaysia country manager Sheldon Fernandez said improved purchasing sentiment was due to initiatives such as the Home Ownership Campaign, stamp duty exemptions and Bank Negara Malaysia’s downward revision of its Overnight Policy Rate to 3%.
“These factors also contributed to upward ticks in asking prices for Kuala Lumpur, Penang and Selangor. However, they were not enough to overcome downward pressures in Johor, including a proposed ban on property sales to foreigners for selected projects in Q3 2018,” he said in a statement today.
