Property portal, iProperty.com Malaysia highlighted upcoming trends for Malaysian homebuyers in 2021 and beyond at the 2020 iProperty.com.my Portal Demand Analytics virtual presentation
There are two main trends from the analysis;
· Before and after Covid-19 outbreak pattern.
· Migration of people to the outskirts.
iProperty.com Malaysia’s General Manager, Shylendra Nathan said that there was a 35 percent increase in property seeking audience in Malaysia despite what the Covid-19 outbreak did for the past year.
This is the fourth time iProperty.com Malaysia has released this publication for the general audience to seek and analyse the data provided by the property portal.
“The aim of the virtual presentation is to assist all the stakeholders which includes property developers, customers, and the government in the local property market,” Nathan added.
The analysis was done by the General Manager of Customer Data Solutions of REA Group Asia, Premendran Pathmanathan who highlighted the pattern of homebuying was better even after Covid-19.
“The bank loan application is crucial due to the government’s policy of the progressive reduction of the Overnight Policy Rate (OPR) and the reduction in Employee Provident Fund (EPF) contribution. Today, the numbers are staying above pre Covid-19 levels,” the General Manager emphasised.
Additionally, the other trend was the movement of people from the city to the outskirts. The rising Work-from-Home (WFH) trend, reduction in commutes, and the lower price of properties for bigger spaces contributed the trend.
“Currently, all the states we covered in the analysis (Kuala Lumpur, Selangor, Penang, and Johor) have similar trend of people are moving out from the city centres and are moving into the outskirts which offer bigger and more affordable units,” he added.