KUALA LUMPUR, Jan 23 — Asia’s top online property group iProperty Group is optimistic that the local property market will pick up from the second quarter onwards as there will be enough funding on the back of population expansion and economic development.
Its Managing Director and Chief Executive Officer, Georg Chmiel said positive sentiment is starting to take place this year as the goods and services tax (GST) showed minimal impact to the real estate sector since its implementation in April 2015.
“When the central bank saw a limited impact on the sector last year, we think the banks will ease their funds for 2016 and this will eventually help the sector grow further and boost the country’s economic development.
“The people’s conception of GST has begun to stabilise this year after learning that it does not lead to substantial price increases in the property sector.
“This encourages the people to search for property again based on their income affordability,” he told Bernama on the sidelines of the group’s first 2016 Home & Property Investment Fair here last Saturday.
Chmiel said, on the other hand, developers had been focusing on building more houses that were in high demand while matching the people’s affordability with a sustainable environment.
He said the Klang Valley, Johor Baharu and Penang continued to be the top locations for property investments.
“We are also seeing rising demand from Sabah and Sarawak, with over 80,000 out of one million searches for Malaysia’s property on our website in 2015.
“The searches are mainly in Kuching, Seduan and Kuala Baram, comprising residential and agricultural land for Sarawak, while in Sabah, the demand is in Kota Kinabalu, Penampang and Tawau for residential and commercial land,” said Chmiel.
Earlier, Chmiel said the fair lined up 43 property developers and a lucky property buyer would win a Nissan Almera worth over RM70,000 while others stood a chance to win prizes.
Top industry players such as Mah Sing Group, Tropicana Corporation Bhd, Land and General Bhd, Hatten Group Sdn Bhd, Sunsuria Bhd, the Selangor Economic Development Corporation, UDA Holdings Bhd, Mayland, and Ekovest, showcased their properties at the three-day fair since yesterday.