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Rapid Recovery Expected For Malaysia's Real Estate Market
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Malaysia's real estate market has fallen in each of the past two years, but the consensus is that Malaysia's housing market will recover in 2010. Economic growth is expected to return as well, thanks to recent tax reductions, favorable residential lending conditions and favorable capital gains treatment, among other factors.
Malaysia’s housing market is expected to recover in 2010, after falling house prices and low sales during 2009.
According to the Real Estate and Housing Developers’ Association (REHDA) of Malaysia, 50% of members expect property prices to rise by up to 20% during the first half of 2010. Price stability is expected by 30% of respondents, while less than 5% anticipate price falls. Transactions in the first half of 2009 were 30% down on the same period in 2008, according to the Valuation and Property Service Department (JPPH).
This “cautiously optimistic” outlook is due to an expectation of a stronger economy in 2010. Low interest rates, better access to loans, and favorable taxes are also expected to stimulate the housing market.
Malaysia’s housing market was hit by the global economic slowdown in 2008 and 2009, with political instability also roiling business confidence. Average property prices fell -0.9% in 2009 when adjusted for inflation. Some developers deferred project launches, while others scaled back. Malaysia’s GDP contracted 3.6% in 2009, due to the global recession, after rising 5.75% annually from 2002 to 2008. Consumption growth slowed sharply.
According to the Real Estate and Housing Developers’ Association (REHDA) of Malaysia, 50% of members expect property prices to rise by up to 20% during the first half of 2010. Price stability is expected by 30% of respondents, while less than 5% anticipate price falls. Transactions in the first half of 2009 were 30% down on the same period in 2008, according to the Valuation and Property Service Department (JPPH).
This “cautiously optimistic” outlook is due to an expectation of a stronger economy in 2010. Low interest rates, better access to loans, and favorable taxes are also expected to stimulate the housing market.
Malaysia’s housing market was hit by the global economic slowdown in 2008 and 2009, with political instability also roiling business confidence. Average property prices fell -0.9% in 2009 when adjusted for inflation. Some developers deferred project launches, while others scaled back. Malaysia’s GDP contracted 3.6% in 2009, due to the global recession, after rising 5.75% annually from 2002 to 2008. Consumption growth slowed sharply.
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