Quiet 2013 predicted for Malaysian secondary property market

There is expected to be little in terms of price increases or decreases in Malaysia during 2013.

Prices within the secondary property market are likely to stagnate or rise only marginally next year in Malaysia, the Malaysian Institute of Estate Agents (MIEA) announced.

“Prices may stagnate but it won’t drop in 2013,” MIEA president Nixon Paul told The Star.

Nixon added many sellers had the holding power and would only sell if potential buyers could meet their price and that sellers don’t have any urgency to sell at the moment.

Zerin Properties chief executive officer Previn Singhe said he expected an increase in property prices in locations where land was scarce.

“Property prices will generally be flat next year but in some locations, it will inch up.” Singhe said. “This will be in areas where land is scarce such as Bangsar Baru, Taman Desa, Taman Tun and some parts of Cheras.”

Singhe added that improving ties between Johor and Singapore would also boost the property market in Johor.

Rahim & Co (Johor) Sdn Bhd executive director Loo Kung Hoe said he expected high-end property prices in Johor to appreciate between 20 percent and 40 percent in 2013.

“This is primarily due to investments going into Iskandar Malaysia which will boost the property market there. Last year, prices appreciated about 30 percent,” Loo said.



Filed Under: MalaysiaNewsNews by Country

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