Property market to continue seeing more positive outcomes

KUALA LUMPUR: The property market will continue to see more positive outcomes in 2024, given the many ongoing initiatives that are set for the year amid challenges on the external front.

Malaysian Institute of Estate Agents (MIEA) president Tan Kian Aun said Malaysia has not experienced any sudden collapse or negative impacts in the past year such as mass foreclosures.

“Although during the pandemic period there were some setbacks, the good news now is that the industry is slowly recovering to the point where we can see in terms of stable pricing and revival of some abandoned projects, which are all good signs.

“This shows that people are interested and confident in rebuilding the property sector, or else no one will want to revive the projects,” he said at the MIEA Property Market 2023 Review and 2024 Outlook event held online yesterday.

The Housing and Local Government Ministry reported that as of September 2023, a total of 301 projects, or 38,752 housing units, with a gross development value (GDV) of RM28.88bil have been revived and this includes eight abandoned private housing projects with a GDV of RM574.08mil since the establishment of the Task Force on Sick and Abandoned Private Housing Projects. — Bernama

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