Property mart remains stable, says PMI
KUALA LUMPUR: The asking prices of residential homes on the whole remained stable with only 0.2 per cent decrease from the second quarter of 2017 (2Q17) to 3Q17, according to the PropertyGuru Market Index (PMI).
In a statement yesterday, PropertyGuru said on a yearon-year comparison (3Q16 to 3Q17), the asking prices continued to show a drop of 2.3 per cent.
“The asking prices have yet to reflect this positivity despite a recovery in consumer sentiment, asking prices have yet to reflect this positivity – a potential indicator that sellers are still unable to find buyers and are coming under pressure to moderate their asking prices to conclude property transactions.
“Hence, the slow appreciation on a nationwide level with some key markets such as Selangor and Penang continuing to show price decline on a quarterly basis,” it said.
Its Malaysia country manager, Sheldon Fernandez, said barring any unforeseen circumstances or major developments, this trend line would persist for the rest of 2017 and likely up to early 2018.
He said while prices had not appreciated much and the asking prices had moderated, the index indicated that the unaffordability remained a major issue with many potential buyers expressing dissatisfaction with prices.
The data from the index had also shown that 50 per cent of Malaysians wished to transact within this year.
“But despite the existing market stability and the incentives provided by property developers, consumers feel that properties are still overpriced. We’ll have to see how this plays in the coming quarter,” he said.
The PMI is derived from PropertyGuru’s extensive proprietary data, which include (but is not limited to) the asking prices of over 250,000 residential property listings on PropertyGuru.
com.my. — Bernama