malaysian property prices are unlikely to fall
News Posted On: 22 December 2008
The cost of property in Malaysia is unlikely to fall significantly during 2009, it has been claimed.
According to James Wong, president of the Association of Valuers and Property Consultants in Private Practice Malaysia, the country's market will stay stable compared with Hong Kong, Singapore and Thailand, all of which are expected to experience a decline due to the exposure to the US economy, reports the Star.
Mr Wong said the softening market is due to a lower consumer confidence level, which has prompted a number of buyers to adopt a "wait-and-see" approach.
"Hong Kong and Singapore's exposure to the US economy also contributed to a more drastic price downfall during these difficult times," he told a press conference on the second Malaysia Property Summit 2009.
While the cost of property may decline slightly, the relative stability of the market may make it an attractive destination for overseas property investors.
According to research firm RNCOS, Malaysia's economy is likely to benefit from a growth in the number of retail venues in the country over the next few years.
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