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BUSINESS

Survey: Residential real estate market expected to rally in next 12 months

19/07/2022 01:30 PM

KUALA LUMPUR, July 19 (Bernama) -- The Malaysian residential real estate market is expected to rally over the next 12 months with prices and rents likely to increase significantly, according to Juwai IQI Malaysia Property Survey and Index Q3 2022. 

In a statement, Juwai IQI co-founder and group chief executive officer Kashif Ansari said the survey among real estate agents around the country suggested that the industry expects significant residential prices growth over the next 24 months. 

“Agents believe that residential prices will climb nationally by 11.8 per cent over the next 12 months. 

"The growth will continue the following year with prices ending up 16.5 per cent higher over the next 24 months," he said. 

According to Kashif, the reason that agents are so bullish on the real estate market is that they are overwhelmingly optimistic about the economy.

“About 45 per cent of agents believe the economy will be somewhat stronger or much stronger during the next six months," he added. 

According to the survey, agents predict that residential prices in Penang will see 17 per cent growth in two years, Johor (18.1 per cent), Kuala Lumpur and Selangor (15.9 per cent) and Sabah (14.7 per cent). 

“We have been doing the Juwai IQI Index and Survey since 2019, and these numbers make up the most robust residential price growth forecast we have yet recorded.

“The forecast has changed significantly since the third quarter of 2021. Then, agents anticipated a five per cent decline in residential prices, and events proved they were not far off,” said Kashif. 

-- BERNAMA

 

 


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