PETALING JAYA: There has been a 14.7% year-on-year (yoy) hike in demand for serviced residences despite an 8.2% decline in capital growth on a national level, according to iProperty.com Malaysia’s 1H 2019 Portal Demand Analytics.
General manager of customer data solutions Premendran Pathmanathan said sellers might not be selling at a loss, but this could reflect the rebates offered by developers four years ago.
“We are looking at a trend where people are actually focusing on the conveniences and proximity to amenities than the actual size of the unit,” he told the media at the launch of the portal analytics results.
Premendran pointed out that the demand hike suggest that condominium demand has been slowly moving towards serviced residences.
On a national level, condominium demand fell 5.9% yoy and capital growth shrunk 2.2%, while terrace house recorded a 3.7% and 6.7% yoy increase in demand and capital growth respectively.
Overall, residential property reported a 4.1% growth on a national level across all categories.
The property portal arrived at the figures from over 3 million site visits it receives each month, taking into account the number of unique views as a measure of demand, while the listing on its website serves as an estimate for supply.
