Property transaction values in 2022 expected to hit record high

Malaysia's total property transaction value in 2022 is likely to surpass the highest level ever recorded of RM161 billion back in 2014, driven by the recovery in demand.

Ahmad Zamzuri Kamarudin, a director on the Malaysian Institute of Estate Agents' (MIEA) board of directors, said that as of the third quarter (3Q) of 2022, Malaysia's total property transaction value stood near RM141 billion recorded in 2021.

Speaking to reporters at the Malaysian Annual Real Estate Convention here, today, he said the National Property Information Centre will announce 2022's figures next week.

"We foresee 2022 will surpass the said figure due to the promising 3Q 2022 print, and given the momentum, we expect the property market to be positive in 2023," he said.

Meanwhile, MIEA president Chan Ai Cheng said buyers' confidence appears to have returned as inquiries for rental and sales had improved in the last quarter of 2022.

She noted that sentiments have already turned positive since December last year, based on the MIEA's sentiment survey.

Chan reckoned that the rise in the cost of loans due to the overnight policy rate (OPR) hikes last year seemed to have no effect on buyers in Malaysia.

"Despite all the gloom and doom in the whole economy, our local agents and practitioners are positive about 2022. About half of them feel that 2023 will be better," she added.

Posted on: 14th March 2023

Source: New Straits Times