Property experts report that the Malaysian property market will strengthen and grow in 2011 and according to Malaysian’s Valuation and Property Services, property transactions are predicted to rise above RM 100 billion (US $32.8 billion) when compared to RM 96.77 billion (US $31.7 billion) last year.
Malaysia is experiencing a rebound economically after facing a couple tough years due to the global financial crisis. This economic recovery has given the overall property market a boost, especially the residential market, which is giving the market some forward momentum.
Residential and commercial properties have risen in the last year. Between July and November 2010, properties purchased in the residential sector increased 15.5 percent to RM22.6 billion (US$7.4 billion) when compared to the same time period in 2009. The percentage of commercial properties purchased increased 22.4 percent in the same time period to RM9.78 billion (US$3.2 billion).
Experts are optimistic that a housing bubble will not occur in the near future. Incentives are out there to help propel movement such as offering first-time home buyers a stamp duty exemption of 50 percent for homes under RM350,000 and 100 percent loans to purchase homes below RM220,000.
Positive growth has been recorded in various areas throughout Malaysia. The highest growth recorded was in Pulau, Penang, which increased 9.7 percent. Kuala Lumur, Selangor, and Johor have also showed moderate growth at 8.2 percent 7.2 percent, and 3.6 percent. These areas have been experiencing steady, continual growth throughout the past three years, with figures coming in between 20 and 50 percent.
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