Illustrative image (Photo: https://www.nst.com.my/)Kuala Lumpur (VNA) – Malaysia’s property sector will continue to face many challenges in 2023, due to a clear oversupply of properties in certain sectors and locations in thecountry, said insiders.
Addressing a recent onlineworkshop on property outlook 2023, Malaysian Resources Corp Bhd managingdirector Mohd Imran Mohamad Salim said the impact of the COVID-19 pandemic onthe property market was very obvious, including inflation, interest rates hikes,productivity lag, labour shortages as well as issues in the supply chain whicheither drive up cost or reduce productivity.
Property sales wereimpacted due to the movement control order (MCO) and the lockdowns implementedthroughout 2020 and 2021, he added.
According to Mohd Imran,Malaysian real estate developers arenow focusing on keeping their costs low while looking into the sort of productsto put out there, and they will come up with very innovative ways to dosales and promote their products, or even to extend migrating out from oneproperty sector to another.
For consumers, now is a very good time topurchase as the property sector is experiencing the cycle to address stockwhich is readily available, in addition to a lot of innovative offerings, he noted.
Meanwhile,Azmir Merican, Managing Director at Sime Darby Property Bhd, was of the view that the demand for properties is not expected to fall drastically in 2023, amid the expected slowdown. He said the sector underwent a significant recovery this year, driven by pent-up demand.
He also pointed out that the demand for industrial property products will remain attractive./.
