More Malaysian developers expressed support for the government’s Home Ownership Campaign (HOC) and optimism for the property industry in the first half of 2022 (1H22).
President of Real Estate and Housing Developers’ Association Malaysia (REHDA) Datuk Soam Heng Choon says, despite the COVID-19, the performance of primary market property sales under the HOC improved in 2020.
“If the economic recovery happens, we anticipate that the property industry will also improve.
“With an improvement in employment, salaries and also job stability, we believe there will be more buyers in the market. This recovery will continue into 2022,” he said.
In REDAH’s Property Industry Survey 1H2021 and Market Outlook 2H2021/1H2022 released earlier on Thursday, among the 180 respondents, 22 percent and 25 percent were optimistic about the domestic economic environment and business prospects for the industry in 1H22 respectively.
Developers are more confident about the industry’s prospects in 1H22, but only 22 percent of respondents believe that sales performance in the property market will improve, and 27 percent believe that residential sector growth will improve.
In comparison, only six percent of respondents were optimistic about sales performance and ten percent were optimistic about residential sector growth.
According to the survey, 87 percent of respondents believe the property industry will fully recover within the next six to 24 months, with 13 percent believing it will take longer.