57 per cent of Malaysians to buy properties this year

K UA L A LU M P U R : PropertyGuru Malaysia’s latest consumer sentiment survey showed that 57 per cent of buyers in the country looking to transact properties in the next six months.

Country manager, Sheldon Fernandez said a significant number of buyers had modified their budgets and more prepared to transact.

“With smaller budgets, they perhaps are better able to buy a property, which may have contributed to improving sentiment,” he said in a statement yesterday.

He said while some buyers may adopt a wait and see approach prior to the upcoming general elections, it is likely that 2018 will see more transactions, as they try to capitalise on the oversupply of certain property types, particularly high-rise strata units.

Whiletheincreaseinconsumer sat isfact ion is marginal, it is likely that improving sentiment may persist this year, as consumers react positively to issues of oversupply in the market, improved assistance from the government for affordable home ownership and macro- economic factors.

“These macro- economic factors include the strengthening of the ringgit, rising crude oil prices and better than expected gross domestic product, growth among others.

“Our analysis in 2017 showed the market was moderating with prices generally declining. However, with the better than expected economic performance, consumers are gaining confidence again,” he said.

Consumers’ criteria when purchasing a home remains unchanged with location, security and safety and unit size, being the top three factors for consideration when making a purchase decision. — Bernama