The Malaysian property market is expected to witness a gradual slowdown next year considering the wary global economic assessment, according to a report by Bernama.
Yeow Thit Sang, President of Fiabci Malaysia, stated that luxuryresidential units were already observing a slowdown both in take-up rate and pricing.
"There are fewer expatriates from multinational companies coming here and rentals with a yield of between six percent and eight percent are no longer achievable," he said.
"Investors in these units will have to wait longer to realise their investment. The slowdown in global economy is definitely affecting the high-end property market."
Sang also forecasted a fallout in the office space market next year, noting the looming rental drops and slow take-up rate, primarily attributed to the market sector being already overbuilt.
Meanwhile, Previndran Singhe, Chief Executive of Zerin Properties, expects that the gradual slowdown in Malaysia's property market will only last until the first quarter and the property industry would be stable afterwards.
"Prices will remain stable, with asking prices, not values, becoming more reasonable as owners check their values to real pricing. At present, sentiment is down due to the eurozone financial crisis and the US double dip fears, which has been faring for a long time, but I think we are more Asia focused," he said.
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