Property to improve gradually
Market may have bottomed out last year
KUALA LUMPUR: The Malaysian property market is set to gradually improve in the years ahead through to 2020, said the Malaysian Institute of Estate Agents (MIEA).
President Eric Lim Chin Heng said the property market might have bottomed out last year with transaction volume hitting the lowest point since 2012 at 311,824.
He said real estate investors, who had been playing an important part in the property market’s growth, are now looking forward to returning to it.
He envisaged that the market would continue experiencing “confidence gaining growth” as fundamentals improve under the new government.
He also anticipated the implementation of policies by the new government to boost the property market.
“Two major events – plans to introduce and manage the supply of affordable housing and the forthcoming budget – will be a test for the new government in tackling the woes of the property industry,” Lim said in a statement.
To help spur confidence building, MIEA will focus the content of its Continuous Development Programmes (CDP) towards empowering the 18,000 active members of the real estate fraternity with new knowledge and to improve skills with an emphasis on professionalism and integrity.
The CDP is accredited by the Board of Valuers, Appraisers, Estate Agents and Property Managers.
“We want to prepare and provide opportunities to our real estate negotiators so that they will be able to power through a challenging market and are prepared to reap the benefits when it is expected to start picking up again in 2019,” Lim said. — Bernama