Although 75% of construction was affected last year, the real estate market remains attractive via virtual platforms
By S BIRRUNTHA / Photo by MUHD AMIN NAHARUL
THE The local real estate market remained the focus of buyers’ concerns when the movement control ordinance (MCO) was implemented for the second time in the country.
Sheldon Fernandez, country manager of PropertyGuru Malaysia, said that although 75% of construction in Malaysia was affected last year, the country’s real estate market still has an appeal with buyers through virtual platforms.
âOur recent Consumer Report found that people’s lives have been digitized through MCO, with social networking platforms and online real estate portals. being their goal to stay active in the real estate market.
âThe extended period of the AGC has also seen the growing popularity of virtual tours as one of the main tools for sellers and buyers, with one in three Malaysians expressing their intention to continue buying real estate this year,â a- he said during a roundtable on virtual media. screening hosted by PropertyGuru Asia Property Awards Malaysia 2021 yesterday.
Also in attendance were Jones Lang Wootton, Deputy Managing Director Prem Kumar and PropertyGuru Asia Property Awards and Events MD Jules Kay.
Prem said the country’s real estate market has proven to be quite sustainable, despite stable growth during the Covid-19 pandemic over the past 12 months.
He added that the pandemic was a blessing in disguise, as it brought the underlying problems in the real estate market to the fore. more attention from developers and government.
âThis includes oversupply issues involving the office space segment. Now the developers on the business side have taken a few steps back and stop all new desktop development at this point and are focusing on other kinds of products that can sell and be sustainable and not turn into a white elephant, âhe said. he noted.
He also said affordable housing is receiving more attention as authorities and developers reassess measures to ensure consumers and developers can achieve a balance in terms of product offerings, as well as projections in the future.
Although the National Property Information Center (NAPIC) reported a decline in the entire real estate industry in 2020, Prem said the market has been in a downtrend since 2017 and 2018 due to the common problems.
NAPIC noted that the local proThe real estate market recorded a total of 295,968 transactions worth RM 119.08 billion in 2020, a decrease of 9.9% and 15.8% year-on-year respectively in volume and value compared to 2019.
Prem said the reduction in the number of transactions was not a sign of a potential market collapse.
âIn fact, Covid-19 is not the only cause of the sluggish real estate market, but more due to supply and demand factors and problems with market concentration that had caused the problem.
âI think Covid-19 has opened the eyes of many stakeholders to how the market can be versatile and sustainable.
âAs the real estate market readjusts, this will also lead to more stability in the real estate market in the future,â he added.
The next PropertyGuru Asia Property Awards (Malaysia) in September 2021 are expected to be held in a virtual or hybrid fashion.
Last year’s event took place virtually and was viewed over 516,000 times and reached viewers and real estate investors in over 75 countries.
Giving the program a more international reach, he said highlights from this year’s event will be broadcast on the Historical channel, the Official Cable TV Partner of the Property-Guru Asia Property Awards.
Those who win in the main categories will have the opportunity to compete in the 16th Grand Final of the PropertyGuru Asia Property Awards and win the title of âBest in Asiaâ.
Last year, i-Park @ Senai Airport City by i-Park Development Sdn Bhd won the title of âBest Industrial Development (Asia)â in the regional competition.