Anytime is still a good time to buy property as it is an appreciating asset and a good hedge against inflation, advised Siva.
PETALING JAYA: The level of residential property overhang in Malaysia may stabilise slightly in 2021, but is expected to remain high as the price-to-income ratio continues to affect affordability.
Rahim & Co International Sdn Bhd research director Sulaiman Saheh (pic below) said there were 57,390 overhang units of residential, serviced apartments and small office home offices worth RM42.49bil as at the third quarter of 2020
“The overhang levels continued to increase in 2020. This year, with the movement control order enforced and affordability still an ongoing issue, it will still continue to go up, ” he said at a virtual press conference following the launch of Rahim & Co’s 2020/2021 market review.
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The property sector in Johor is expected to face challenging times next couple of years due to effects of the on-going Covid-19 pandemic.
THE next couple of years will be the most challenging for property developers in Johor because of the economic slowdown brought about by the Covid-19 pandemic.
Real Estate and Housing Developers Association (Rehda) Johor branch deputy chairman Ku Hwa Seng said the situation was likely to be even worse than a year ago when Covid-19 first hit most parts of the world.
“There are already so many uncertainties and challenges in the global economic landscape over the past one year and Malaysia is not spared, ’’ he said.
KUALA LUMPUR: The number of overhang properties is expected to remain high in 2021 based on income level, locations and prices, according to Rahim & Co International Sdn Bhd.
Its research director Sulaiman Saheh referred to Rahim & Co s Property Market Review 2020/2021 which showed that three states, Johor, Selangor and Kuala Lumpur recorded the highest numbers of overhang properties at 33,000 units, 8,700 units and 7,800 units respectively.
Other states such as Perak and Penang also posted higher numbers at around 4,000 units each.
Speaking to reporters after the release of the report today, Sulaiman said properties within the city or urban areas would see a strong demand and likely reduce the number of overhang property if prices were adjusted.