Property Market Outlook 2022 by HB
The Edgemarkets.com has yet another Real Estate Agency's 2022 outlook for the Malaysian property market that contains the predictable refrain, "on the path of recovery". https://www.theedgemarkets.com/article/henry-butcher-property-market-recovery-path-2022
"In presenting its annual report on the review and outlook for the Malaysian property market in 2022 released on Jan 27, (Henry Butcher Malaysia) stated that almost all sectors of the economy have been opened up and people have adjusted to the new normal of adhering to the SOPs. The uncertain and unstable political situation, with the changes in leadership of several State governments in recent months, however, remains a concern until a clearer picture emerges after the 15th General Election (GE15).
In the residential segment, the report stated that the Home Ownership Campaign (HOC) had concluded its run at end-2021 and there has been no indication so far that it will be extended by the government. This may reduce buying interest, especially in early 2022 as developers rejig their marketing sales packages to find the right mix to attract buyers."
In my opinion, the underperformance in the Malaysian property market last year has nothing to do with the pandemic. Knight Frank's 2022 property outlook for major cities in Asia Pacific puts things into perspective. https://lnkd.in/gqNQgxDA
Other countries' economies have ALSO been hit hard by the pandemic too. Their housing developers associations didn't need government assistance (read tax payers money) to bail them out. Property prices in Australia, New Zealand and Red Dot Island have all rebounded strongly after Covid19 travel restrictions were removed. No need in Red Dot Island ( where the property market is Red Hot, excuse my pun) for the government to launch special programmes to entice FTHBs (first time home buyers) to buy homes from property developers. See my earlier post to my blog 360 KLCC here:https://lnkd.in/gU_w2-KZ
So WHY hasn't the Malaysian property market - where prices in PSF for FREEHOLD 5* luxury KLCC condos are now less than 50% of 99 year leasehold public housing in Red Dot Island- bounced back?
What do YOU think?
TO BE CONTINUED
Copyright by Henry Butcher Malaysia
