KUALA LUMPUR — The property sector is expected to see a further slowdown this year on various challenges and in view of the projected moderate gross domestic product (GDP) growth as compared to 2015.
Deputy Finance Minister Datuk Chua Tee Yong said the sector had already experienced a slowdown last year with the volume of transactions falling by 5.7 per cent.
“There are also uncertainties in the global market. Despite this, I assure you that the Malaysian economy remains resilient on the back of strong fundamentals, ample buffers, a robust financial system and efficient government policy.
“This is not advocated by the government, but the International Monetary Fund and World Bank,” he said in his speech, while officiating the graduation ceremony of the Board of Valuers, Appraisers and Estate Agents (BOVAEA) Malaysia on the 13th May.
The ceremony saw 171 recipients being conferred the right to practice in both the valuation and estate agency professions.
Chua said the estate agency profession had continued to expand exponentially with some already promoting properties overseas and placing Malaysia on the radar of various countries.
However, he said as the agents compete among themselves, there are still unhealthy practices within it, and efforts must be made to place the house in order.
In conjunction with this, BOVAEA launched two documents, namely the second edition of the Property Management Standards and Accreditation Manual.
BOVAEA President Datuk Sr Faizan Abdul Rahman said there had been massive changes in the property management aspect, with the job scope increasing ten-fold in tandem with the huge buildings that are continuously being built and hence the need for the new standards.
He said the first edition of the standard which was released in 2010 comprised ten, and the second included another, which was on facility management, a sub-set of property management.
“The standard encompasses the minimum requirement and is mandatory for members and practitioners to follow for the purpose of reassuring the public.
For the accreditation manual, he said it was to facilitate higher learning institutions understand the accreditation process on courses related to property management, both locally and overseas to be recognised by the Board.