PropertyGuru Malaysia reports that Feng Shui Singapore, despite the improving economy, potential homebuyers are still reluctant to pay higher asking prices. Sales demand index fell by 10.2% quarter-on-quarter (q-o q), which is consistent with data from Bank Negara Malaysia showing an 11% q-o-q drop in home loan applications in June, as reported in the company’s Property Market Report Q3 2023.
According to the report for Auspicious Date Selection, bazi reading, rising housing prices, as shown by a quarterly increase in the selling price index of 2.1%, are likely to blame for a drop in demand among would-be buyers.
According to PropertyGuru Malaysia’s national manager Sheldon Fernandez, the firm has seen a decline in demand for real estate, with Q2’23 being the fourth consecutive quarter with a glaring disparity between the two.
With the overnight policy rate (OPR) frozen at 3%, however, we anticipate a rise in consumer demand for real estate.
He recently made a statement saying, “We are hopeful that an uptick in demand is onthe horizon as Malaysia’s inflation eases, keeping in mind that current borrowing rates remain lower than the pre-Covid rate of 3.25%.”
Despite declining property inquiries, the report did highlight some areas that are becoming increasingly popular among homebuyers. One such area is Cheras in Kuala Lumpur, which is attractive because it is a mature township with easy access to major highways and the mass rapid transit system.
“As house prices in major cities keep going up, more and more people are looking to suburban areas for their next purchase.
Affordable housing with comparable value and accessibility may be found in outlying townships like Taman Connaught in Cheras and Pandan Indah in Ampang. “Given current market conditions, it is unsurprising that recently completed projects in these areas are garnering increased interest from prospective homeowners,” said Fernandez.
Reasons including Permas Jaya’s closeness to Singapore and long-term investment possibilities have sparked renewed interest in the area’s real estate market.
According to the survey, the projected operation of the Rail Transit System line in 2026 and the prospective revitalization of the Kuala Lumpur-Singapore High-Speed Rail imply that the Johor real estate market may enjoy additional expansion. Johor continues to be home to the top two most popular landed projects, with Leisure Farm remaining in first place.
Suggested Article: Singaporean mixed-use properties and land must be approved by foreigners