MIEA: Property market will thrive in 2024, prices will stabilise

• “This time, the development is more focused. We are focusing on areas where there is also demand in the future, especially in the development of renewable and green energy, and sustainable living."

PETALING JAYA (Jan 16): Exciting times are ahead and more positive things are to come as the property market continues to thrive in 2024. That is the expectation of 2024, according to Malaysian Institute of Estate Agents (MIEA) president Tan Kian Aun (pictured). 

During the MIEA Property Market 2023 Review & 2024 Outlook held virtually today, Tan said there are a lot of initiatives and some good signs such as the revival of abandoned projects from the last two to three years.

“This shows that there are a lot of interests in Malaysia. When people are rebuilding this sector, it shows that they are confident that things will recover or else people would not want to revive all these projects,” he said.

Market slowly recovering

Despite the setbacks since the pandemic, Tan stated that there has been no sudden collapse or significant negative impact in the market where people are suffering. He mentioned that the “good news is the market is slowly recovering”, with prices stabilising, and there hasn't been any collapse of the prices in the market either.

Tan applauded the Malaysian government for its initiatives in terms of fiscal policy, specifically retaining the stamp duty exemption for properties below RM500,000 to encourage homeownership. He also said that the state governments in the northern, southern and central regions, as well as Sabah and Sarawak, are actively constructing affordable homes to further promote homeownership.

“Getting tourism into Malaysia with more friendly visas and revamping the MM2H [also] shows that the government is actually looking into ways on how to stimulate the property market,” Tan noted.

Growth opportunities in all regions

Tan also pointed out that there are a lot of growth opportunities in every sector in all the regions, not only in the Klang Valley, mainly due to the government’s initiatives to stimulate and boost the property market, especially in the industrial and manufacturing sectors.

“Malaysia is still one of the most attractive places to invest in this region,” Tan said. 

He also pointed out the growing infrastructure sector in the various regions, namely the first light rail transit (LRT) in Penang, the Johor Bahru-Singapore Rapid Transit System (RTS) in Johor, the Autonomous Rapid Transit (ART) in Sarawak, and Pan Borneo Highway projects in Sabah and Sarawak, with the latter two states focusing on tourism, and renewable and green energy. 

“This time, the development is more focused. We are focusing on areas where there is also demand in the future, especially in the development of renewable and green energy, and sustainable living.

“All these things are high-value industries, and it’s also heading towards the future where it can boost the economy and the property market in these regions.

“Moving forward, we believe the property market will continue to thrive and we see a lot of price stabilisation. The government has also done a good job in controlling the interest rate, making our country a friendlier place to invest. 

“All these will be a good indication that will give us exciting years ahead,” Tan concluded.

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