The property market is expected to recover in 2022 in anticipation of a better domestic economic outlook and further expansion of the GDP, a property consultant report said
In the Q4 2021 report by Nawawi Tie Leung Property Consultants on the real estate market said that being optimistic with the outlook, some developers have planned to start new projects in 2022, while some hold their launches and focus on clearing the unsold stocks.
In the residential sector, it said that affordable properties will continue to anchor the residential demand supported by various government initiatives, including measures introduced in Budget 2022
The report said that demand for high-end properties will remain soft as the market is still in wait-and-see mode and has slow interest from foreign buyers. The revised criteria of the Malaysia My Second Home (MM2H) programme to attract only high-quality participants are not expected to boost foreign homebuyers’ interest.
In the office sector, the report said that it expects the market to remain sluggish. By the end of 2022, there will be an incoming supply of 6.6 million sq ft, which will further intensify the competition as well as exert downward pressure on office rental and occupancy.
