Sentiment on local property sector hits record high in H1

PETALING JAYA: Malaysians expressed a record high of 42% satisfaction rating for the local property sector in the first half (H1) of 2018 post 14th general election, according to PropertyGuru consumer sentiment survey.

The H1 2018 survey, which measures property sentiments and expectations around the property market, saw 955 respondents in Malaysia and more than 1,900 respondents across Southeast Asia.

The record high, which comes even as Malaysia continues to face uncertainties attributed to various macro-economic and socio-political issues, is a marked improvement from just 25% in 2015 and 38% in H2 2017, the online property portal said in a statement.

PropertyGuru Malaysia country manager Sheldon Fernandez said he believes that the rise in sentiment to breach the 40% mark is indeed a reflection of changing perceptions among Malaysians towards the country and thereby the real estate market.

“We have been tracking consumer sentiment for years and the present level of 42% is unprecedented. It doesn’t appear to be a temporary effect or knee-jerk reaction. Clearly, more Malaysians are expressing optimism for the property sector and wish to transact.

“People who previously were thinking of relocating overseas have changed their plans or have deferred them. Others who postponed home purchases are beginning to explore both primary and secondary markets again. Even Malaysians abroad are considering returning home,” Fernandez added.

PropertyGuru added that the rise in positive consumer sentiment is further confirmed by more than half of those polled expressing desire to purchase a property or properties within the next six months.

Of these, it said 37% are looking for homes priced between RM300,000RM500,000, whereby 27% are looking at below RM300,000.