Property value in Selangor was not affected despite areas in the State being severely being hit by floods in December, said housing Exco Rodziah Ismail. According to her, this was due to the efforts put in place by the State Government in restoring the areas and clearing all debris within just 2 weeks.
“The floods only happened for two days but I don’t think it will affect the value and demand for real estate. “However, we welcome those who can do independent research to share the results with the state. But basically, there is no depreciation of real estate, ”she said.
Additionally, the State Government will still maintain the house prices under the Selangor Housing and Property Board, especially affordable houses. “The most expensive currently offered is RM250,000 which is still lower than what Perumahan Rakyat 1Malaysia (PR1MA) is offering. However, the State will focus on providing living space rather than pricing. Currently, demand is higher than supply..
Among the areas that suffered from the floods was Klang which was the most impacted with losses reaching RM1.2 billion, followed by Petaling (RM1.1 billion) and Hulu Langat (RM0.4billion), these were the three that were badly hit. Accumulatively, the total loss due to floods was RM6.1 billion in Selangor which is equivalent to 0.4 percent of the nominal Gross Domestic Product
As for the districts that experienced severe flooding, the State and Federal government are already in discussion for mitigation systems to prevent future devastation including the suggestion for a Smart Tunnel project for the area.
