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Malaysia Properties Market After US Financial Crisis

 

Amid the fallout from the US financial crisis and subdued consumer sentiment as a result of slow growth and recession, property markets around the globe including New York, London, Singapore, Hong Kong and Sydney, have taken a severe beating in terms of price erosion and sales. Given the looming gloom on the economic front, potential buyers are adopting a wait-and-see attitude as they believe the worst is yet to come.

In the US, the sub-prime loans debacle had severely affected property prices with falls of up to 90% and it is now harder to obtain loans to fund property purchase. Prices of properties in the other markets have dropped between 20% and 50%, and the outlook appears bleak for the next 12 months at least.

Despite the gloom and doom in the external front, Malaysia’s property market is holding out considerably well with property prices in the major growth areas including Kuala Lumpur, the Klang Valley, Penang and Johor still stable. This can be largely attributed to the fact that Malaysia did not experience a “property bubble” over the last few years, unlike in the other high-cost cities. Annual price increases for local properties had been relatively moderate.

However, the severe meltdown as a result of the US financial crisis has resulted in more caution among potential buyers. Developers have slowed down on new projects or deferred their launches and are resorting to pre-sale launches to gauge the market’s interest before proceeding with any project launch.

Going forward, the possibility of prices falling will be there if the global economy deteriorates further.

Source: The Star Biz.
 

 
 

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