The Malaysia property market will likely remain subdued during the second half of the year, according to Valuation and Property Services Department Director General Datuk Faizan Abdul Rahman (pictured), speaking at the Malaysian Property Summit Mid-Year Review 2016 this week.
He said: “The overall market activity is expected to tone down, with the residential sub-sector continuing to dominate the market segment, with affordable housing taking the limelight.”
He added that the Malaysian government continued to provide housing initiatives, such as the PR1MA where houses are sold at 20 percent below market price, and under the Syarikat Perumahan Negara Bhd (SPNB), where 10,000 units of Rumah Mesra Rakyat will be built with a RM 20,000 subsidy for each house which are all part of the House Ownership programmes announced in Budget 2016.
“It is anticipated there will be a price correction and slow growth in the House Price Index to continue further,” he added in his presentation.