Immediate past president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector, Malaysia or PEPS, James Wong said the correction in prices will be seen in the office sector, luxury condo and serviced apartments in Kuala Lumpur city centre.
"Prices for landed property, industrial and retail sector, would however remain stable," he said during a media briefing on the fifth Malaysian Property Summit 2012 which wll be held on January 17, next year at the Sime Darby Convention Centre.
Chartered Surveyor/Registered Property Manager Valuer and Estate agent, Datuk Mani Usilappan said the availability of good transportation system will influence property prices.
"The property market has been good this year with a projection that it will hit 400,000 transactions worth RM120 billion this year," Mani said. Executive committee and member of PEPS, Foo Gee Jen said rising land cost, labour cost and material cost will continue to pressure property prices.
Malaysian Budget 2012: Property sector highlights
The Prime Minister of Malaysia has announced several proposals in the 2012 Budget related to housing and the property sector. Malaysia Prime Minister Datuk Seri Najib Razak in tabling Budget 2012 in the Dewan Rakyat on Friday Oct 7, 2011 announced several proposals related to housing and the property sector. Income tax exemption of 70% for a period of five years for property developers in KLIFD.
To attract foreign and domestic investments in the capital market and to promote the development of the Real Estate Investment Trusts (REITs) industry, it is proposed that the concessionary tax rate of 10% on dividends of non-corporate institutional and individual investors in REITs up to Dec 31, 2011 be extended for a period of five years commencing Jan 1, 2012 until Dec 31, 2016.read more
Malaysian Property Set to Boom in 2012
OSK Research predicted that, Malaysia’s property sector is set to see its biggest residential boom in a decade, led mainly by medium- to high-end landed properties.
The sector may peak sometime in 2012 to 2013 before going into a potential slump. OSK Research said a major mass housing boom will likely occur in the first half of this decade. It added that the sector was already entering the early stage of a property “super cycle”.
Although the expected peak in 2012 – 2013 may have dire consequences, the phenomenal boom that immediately precedes it gives investors an excellent opportunity to profit from the trend for at least the next 12 months. read more
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