KUALA LUMPUR — Jan. 14, 2019: PropertyGuru’s online portal, which has over 1.3 million Malaysians searching for properties, has seen a surge of interest in this territory, Selangor, Penang and Johor despite declining prices.
Based on the PropertyGuru market index (PMI), the property demand here remains strong, with the most popular and highly searched areas being Bangsar, Mont Kiara and Cheras for properties like condominiums, apartments and townhouses.
It noted that the reason for high-rises being the most preferred property may be due to their more affordable entry price points.
“In terms of the price bracket, many are searching below the RM300,000 bracket which is not feasible for the locations that are preferred, since many of these locations are priced above the affordability range,” said the index.
The PMI is an analysis of over 250,000 property listings aggregated and indexed which shows that asking prices of homes in Malaysia continue to show a 2.3 per cent drop year on year — an opportune time for buyers to purchase.
PropertyGuru Malaysia country manager Sheldon Fernandez said there was an obvious mismatch between what is desired and what is achievable.
“And one of the best ways to check what is achievable is by utilising the PropertyGuru Mortgage Pre-Qualifier (https://www.propertyguru.com.my/mortgageprequalifier) that is able to tell buyers if they are eligible for a loan, in a 99.5 per cent accuracy check,” he said.
The demand for properties in Selangor continues to be high despite declining prices, with properties in Petaling Jaya, Shah Alam and Subang Jaya topping the list in this order.
According to the PMI, the properties most searched for in these areas were condominiums, followed by apartments and two-storey terrace houses, with many looking at transit-oriented development properties.
Fernandez said there was a strong upswing in demand for properties strategically located or directly connected to the Mass Rapid Transit and Light Rail Transit lines.
Other factors such as maintenance of the property, as well as lifestyle facilities will play a part for buyers to ascertain if it is a right fit, given that buyers are spoilt for choices in a market that is saturated by supply, he commented.
The PMI said that despite improving consumer sentiment and proactive government policies announced in the 2019 Budget, it is likely to see a continued price downtrend for at least the first half of this year. — Bernama