KUALA LUMPUR: Malaysia`s property market is expected to rebound in 2022 as more demand will likely be skewed towards affordable housing, according to Mah Sing Group Bhd.

The developer is cautiously optimistic about the property prospects in the medium to long term due to the likelihood of robust demand for properties among the young demographic.

Founder and group managing director Tan Sri Leong Hoy Kum said Mah Sing aspired to be Malaysia`s leader in affordable housing, continuing to provide reasonably priced homes with premium features in strategic areas to meet the country`s expanding demand.

"We will continue to ensure our products are aligned with market sentiment and meet the pent-up demand for affordable housing," he said in a statement today.

Leong said the group would continue offering "M Series", its affordable range development as the economy gradually began to recover.

"By creating the "reinvent affordability" campaign, it encourages customers and homeowner to be prudent in their property purchase and do not over stretch their finances," he added.

Bank Negara Malaysia`s financial stability review of first half 2021 indicated that properties priced below RM500,000 accounted for more than 80 per cent of housing transactions.

"Our M Series segment offers generally from 700 sq ft onwards with indicative selling price from RM318,000. Hence, we believe that our product range is in line with the market demand."

Mah Sing said the impact of the epidemic had had an influence on the property market in Malaysia over the last two years.

This resulted in a change in consumer patterns and new challenges for property players.

The group expects the pace of revival to quicken, provided global and domestic economic growth is stable.

It said the overall health of the economy would be important element that influences the value of real estate.

Mah Sing said a better economic outlook and positive business environment could be sighted in the coming months, driven by the employment recovery in sectors including hospitality, airlines, tourism and corporate.

"To some extent, this will help improve purchasing power in the real estate sector."

Mah Sing said the group would evolve to respond to market demands by reinventing the definition of affordability to provide home buyers with affordable luxury.

Meanwhile, it said demand for rental market was likely to increase next year with the opening of travel borders, as more foreign expatriates, business partners, tourists and foreign students contributing to total growth.

Many renters in Kuala Lumpur were looking for condominiums and serviced residences sized between 1,000 and 1,200 sq ft and priced between RM1,500 and RM2,000.

"Thus, this can be beneficial for homebuyers who are wanting to buy a house as an investment."

https://www.nst.com.my/business/2021/12/758421/malaysias-property-market-bounce-2022-says-mah-sing

By New Straits Times

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