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Economic and political stability, ability to curb Covid-19 are crucial to revive property industry

PETALING JAYA (Oct 13): The recovery of the property market relied on Malaysia's economic condition, political stability and ability to contain the spread of the Covid-19 virus, said Director of National Property Information Centre (NAPIC) Aina Edayu Ahmad.

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Although there is a gradual upturn in market activity from April to June 2020, Aina added that NAPIC foresees a soft property market for the rest of 2020 due to the market uncertainties.

The property market saw a steep y-o-y fall in the first half of 2020 (1H2020). Property transaction volume for 1H2020 dropped by 27.9% y-o-y to 115,476, while transaction value declined 31.5% to RM46.94 billion, based on the latest data released by NAPIC in September.

“The pace of recovery in the property market will depend on economic performance, political stability and the development of the pandemic situation for the next few weeks,” she said.

Aina is one of the speakers of the 13th Malaysian Property Summit (13MPS) today. She is representing Sr. A’zmi Abdul Latif Director General of the Valuation and Property Services Department (JPPH), a unit under the Ministry of Finance Malaysia.

Titled “Property Market Outlook for 2020-Beyond Covid”, the one-day physical and virtual event is organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS).  EdgeProp.my is the official media partner for the event.

Echoing Aina's concern on property market recovery, PEPS president Michael Kong also urged all stakeholders in the industry to work together to come up with suggestions on measures and policies that could be included in the Budget 2021, which could help to rejuvenate the property market.

“It is important for all stakeholders of the property market including developers, real estate bodies and associations to unite to work on ideas, suggestions and proposals to the government,” Kong said during the opening remarks in the 13MPS.

In embracing the fluid situation of the current political scene, relevant government policies, strategies and plans are crucial to revitalise the sluggish property market.

“Therefore I urge the government to listen to the relevant industry stakeholders and work hand in glove with the industry experts to rectify issues in the property market,” he stressed.

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