‘NEW GOVT POLICIES SET TO BOOST PROPERTY MARKET’
Real estate market will gradually improve in the years through 2020, says MIEA
THE property market is set to gradually improve in the years through 2020 after bottoming out last year, with transaction volume hitting the lowest point since 2012.
Malaysian Institute of Estate Agents (MIEA) president Eric Lim Chin Heng said the market would continue experiencing “confidence-gaining growth” on back of improving fundamentals.
“Real estate investors, who play an important role in the property market’s growth, have been on the sidelines for many years now and are looking forward to coming back to the market,” said Lim in a statement yesterday.
He said the property market had bottomed out last year after registering only 311,824 transactions.
Lim said the implementation of new policies by the government would boost the property market.
“Two major events to look forward to are plans to introduce and manage the supply of affordable housing and the forthcoming budget.
“They will be a test for the government in tackling the woes of the property sector,” he added.
To help spur confidence, MIEA will be focusing on its continuous development programmes (CDP).
The CDP is accredited by the board of valuers, appraisers, estate agents and property managers (BOVAEP) towards empowering the 18,000 active members of the real estate fraternity with new knowledge and improve their skills, with an emphasis on professionalism and integrity.
The CDP is an annual training programme required by BOVAEP to ensure that real estate negotiators (REN) are trained to be relevant in the work they do.
This will also enable RENs to continue practising for the coming year as it allows the renewal of their REN tags.
Lim said the CDP courses developed by MIEA would focus on skill development to help new and experienced real estate negotiators enhance their ability to serve customers more effectively.