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Real Estate

‘Property to see slight enchancment’

By December 19, 2016 No Comments

Datuk Lee Chee LeongKUALA LUMPUR (Dec 19): Malaysia’s property trade is more likely to see a slight enchancment subsequent yr, helped by higher financial progress, mentioned Second Deputy Finance Minister Datuk Lee Chee Leong (pictured).

Lee mentioned gross home product (GDP) is anticipated to develop by between four% and 5% subsequent yr, which might be barely higher than this yr’s estimated progress of four% to four.5%.

“As Malaysia is an open financial system, we’re following world financial actions,” he instructed reporters after launching the Lavile Condominium, a resort-styled residence right here on Saturday.

Lee mentioned with the projection that the nation’s GDP would enhance subsequent yr on the again of accelerating commodity costs, equivalent to oil and gasoline, the property market would additionally more likely to observe go well with.

Statistics from the Nationwide Property Info Centre confirmed that from January to September 2016, property transaction worth in Kuala Lumpur fell by 19.1% year-on-year to RM2.05 billion.

For a similar interval, the sector additionally noticed its quantity dropped 22.three% to 2,599 models from three,347 models recorded in the identical interval final yr.

“The residential phase dominates the market, taking over 49.6% of whole transaction quantity, adopted by two- to three-storey terraced homes (13.7%), low-cost flats (11%) and flats (10.9%),” it mentioned.

Earlier, Lee mentioned, it was estimated that at the least 941,446 models of strata properties, together with condominiums and residences, can be accomplished nationwide by yr finish.

“The quantity is rising yearly and the development now could be extra in the direction of high quality residing.

“Meaning discerning patrons at the moment are paying extra consideration to value-added options like safety, privateness, coated parking house, panorama backyard and plenty of others,” he mentioned.

This text first appeared in The Edge Monetary Day by day, on Dec 19, 2016. Subscribe to The Edge Monetary Day by day right here.