KUALA LUMPUR: Rahim & Co International Sdn Bhd expects the overall property market to see a moderate improvement this year, after the bottoming out seen in 2019, but challenges are expected to remain.
Speaking to the media during its property market review today, executive chairman Tan Sri Abdul Rahim Abdul Rahman said on the whole, 2019 numbers came in stronger than previous years with more robust growth in market activities for all major sectors, with the exception of occupancy rates for the commercial segment.
“In reflecting back on the past decade, the market downturn was at its worst between 2013 and 2017 with percentage drops ranging between 6% and 12% for Malaysia’s total market activities.
“ When comparing this bleak period with 2019’s evidently positive number, there is a substantial hope for the property market to be back on track towards recovery albeit at a moderate pace,“ he said.
With regards to the property overhang situation, Rahim & Co estate agency CEO Siva Shanker said that while the Home Ownership Campaign (HOC) has expired, he believes developers would still continue to offer incentives to help boost sales of unsold units.
