A great article on Penang Malaysia.
Developers expect sales to pick up in 2H2021
Although many developers perceived the first half of the year as unfavourable, their views have slightly changed for the better for the second half, according to Real Estate & Housing Developers’ Association (Rehda) Malaysia.
The somewhat renewed interest in the property industry stems predominantly from the declining daily Covid-19 numbers and the rollout of Covid-19 National Immunisation Programme which is expected to spur consumer sentiment and economic growth, said Rehda Malaysia president Datuk Soam Heng Choon.
According to Rehda’s “Property industry survey 2H2020 and market outlook (1H2021 and 2H2021)”, over 40% of the respondents are pessimistic against the domestic economic environment (50%), organisation’s business prospect (41%) and consumer’s purchasing power (46%) in the first half of 2021.
However, the percentage of respondents who are pessimistic towards 2H2021 have reduced significantly.
32% of the respondents are cautious on the domestic economic environment; the number of respondents who are taking a negative stance towards organisation’s business prospect and consumer’s purchasing power have reduced to 19% and 37%, respectively, Soam noted in today’s media briefing.Meanwhile, he also pointed out that developers in general still have many unsold units left and some of them are even holding the unsold units for over one to three years.
According to the survey, loan rejection, unreleased Bumiputera units and low demand are the three reasons for unsold units.
The survey, which was conducted from Q4 last year, garnered feedback from 134 Rehda members.
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