The Malaysian property market is expected to improve further this year in line with the recovery of the global economy. It is estimated to have had RM75.42 billion (US$22.1 billion) worth of transactions registered last year.
Compared with the 340,240 properties valued at RM88.34 billion in 2008, transactions in 2009 involved 337,990 properties, said Abdullah Thalith Md Thani, the Director General of the Valuation and Property Services Department, which is part of the Finance Ministry.
He said the overall performance of the Malaysian property market in 2009 was affected by the challenging financial and economic environment.
“2010 will be a good year for all. The property market for this year will improve, as the number of transactions involving new housing and construction activities increases,” said Abdullah Thalith at the Third Malaysian Property Summit 2010.
He pointed out that Malaysia, spurred primarily by domestic demand, is expected to move towards recovery this year with commodity prices for crude oil, rubber and palm oil also improving.
These would provide a positive impact for the property sector and increase consumer’s confidence level, he said.
“The demand for properties is returning,” he added.
According to Abdullah Thalith, the government would continue implementing appropriate measures to restore market sentiment and confidence. He said Malaysia’s competitiveness as a preferred investment destination could be enhanced by the liberalization of Foreign Investment Committee (FIC) guidelines.