PETALING JAYA (Aug 9): Malaysian Institute of Estate Agents (MIEA) holds an optimistic outlook of the property market and believes that real estate investors will make a comeback, due to improving fundamentals under the new government and new policies to address the sector's issues.
Moreover, the property market is expected to gradually improve until 2020, MIEA president Eric Lim Chin Heng said in a statement today.
He believes the property market may have bottomed out last year with transaction volumes hitting the lowest point since 2012, with only 311,824 transactions in 2017.
“We envisage that the market will continue experiencing confidence-gaining growth as fundamentals improve under the new government. Real estate investors, who have been playing an important part in the property market’s growth, have been on the side lines for many years now and are looking forward to coming back to the market,” said Lim.
He added that new policies that will be introduced by the Pakatan Harapan administration will likely boost the property market.
"Two major events include plans to introduce and manage the supply of affordable housing and the forthcoming budget which will be a test for the new government in tackling the woes of the property industry,” Lim said.
To encourage confidence building, MIEA will focus on the content of their Continuous Development Programmes (CDP), which 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 skills with an emphasis on professionalism and integrity.
“We want to prepare and provide opportunities to our real estate negotiators (REN) to be able to power through a challenging market and are prepared to reap the benefits when the market is expected to start picking up again in 2019,” Lim said.
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 enable RENs to continue practicing for the coming year, allowing for renewal of their REN tags.