KUALA LUMPUR: 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 stabilize 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 over the weekend.
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 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.