The Malaysian property market is anticipated to stabilize in 2024, with potential growth in specific areas, according to PropertyGuru country manager Sheldon Fernandez.
He mentioned the likelihood of a temporary shift in buyer interest towards the rental market due to housing unaffordability. Fernandez highlighted opportunities for sellers in hotspots and underserved demand areas, expressing a cautiously optimistic outlook.
Property Market
PropertyGuru foresees trends like sustainability and inclusivity impacting the market, with developers focusing on consumers’ lifestyles. Fernandez emphasized the government’s initiatives, including the Housing Credit Scheme, to alleviate homeownership costs and urged addressing wider challenges for market revitalization.
Sheldon Fernandez said there is also a high possibility of a temporary shift in buyers’ interest towards the rental market as housing unaffordability continues.
“Opportunities exist for homeowners and sellers within certain hotspots and areas with underserved demand. This, coupled with easing inflation and targeted government initiatives to support homebuyers, offers the promise of a more balanced market.“
The Malaysian property market is expected to stabilize in 2024, with a temporary shift towards the rental market due to housing unaffordability.
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