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aws试用账号(www.2km.me)_Property market seen to bounce back in 2022

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AS Malaysia gears up for endemicity following a near two-year struggle with the Covid-19 pandemic, all eyes are already on what 2022 will look like for the local property market.

At the virtual Malaysian Property Summit 2021 earlier this week, consensus is that the market next year will continue its path to recovery and hopefully, reach pre-pandemic levels.

Rahim & Co research director Sulaiman Akhmady Mohd Saheh says the gradual reopening of the economy will help spur the property sector.

“For the residential market, normalisation of post-pandemic standard operating procedures and the high vaccination rate in 2022 will be the boost to pushing transaction activities back up to pre-Covid-19 levels, as physical movement and housing campaigns resume.”

Additionally, Sulaiman says increased vaccination rates, easing physical containment measures and build-up in financial savings from 2020’s expenditure-suppressed period, will spur consumer sentiment.

“Strengthening the affected labour market will also be key to providing income security and stability.

“The forward progress in mega infrastructure projects, such as the East Coast Rail Link, LRT3 and Pan-Borneo Highway will also catalyse greater urban development and better accessibility.”

Going into 2022, Datametrics Research and Information Centre managing director Pankaj Kumar says domestic interest rates are expected to remain stable and supportive of market activities.

“The property market today is a buyers’ and renters’ market. However, household income will need to revert back to 2019 levels and rise, before affordability can be improved.”

To spur the market further, Pankaj is hopeful that the ongoing Home Ownership Campaign (HOC) will be extended into 2022 and comprise the secondary market as well.

Currently, the HOC is only applicable for properties within the primary market.

Meanwhile, Sunway University economics professor Yeah Kim Leng says the local property market is expected to experience a rebound in 2022, on the back of the stronger economic performance forecast for next year.

“With the economy projected to grow 6% next year, performance of property-related service industries is expected to improve in 2022, but it will be less buoyant than pre-pandemic levels.”

Nevertheless, Yeah says Malaysia’s property market remains resilient, despite suffering the “second worst-ever” recession in 2020.

“We expect a firmer property demand outlook on the back of an economic recovery in 2022, wealth effects from commodity prices and stock market gains, continuous landing from banks, as well as positive demographics and household formation.”

Yeah however adds that there is still an undersupply of affordable housing and oversupply of high-end units being launched.

This oversupply of units has led to a serious overhang situation that the Malaysian property market has had a tough time resolving for many years.

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