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Friday, December 18, 2009

Rehda: Property market to improve

KUALA LUMPUR: The Malaysian property market is expected to improve next year in line with the expected improvement in gross domestic product.

Real Estate and Housing Developers’ Association Malaysia deputy president Datuk Michael Yam Kong Choy said most developers were optimistic that the property market would recover beyond the second quarter of next year.

“A continuous population growth, a low interest rate environment, low unemployment rate as well as easy access to financing, will boost demand for the property market,” he told a media briefing yesterday.

Yam said there would be more new property launches next year, especially in the second half.

He said houses priced between RM100,000 to RM250,000 were expected to continue to be in good demand. — Bernama

On the implementation of the fixed 5% real property gains tax (RPGT) on Jan 1, Yam said the timing of the imposition was not right.

He said the RPGT should be imposed only to curb speculation and not across the board. “If imposed at all, it should only apply to transactions within a specified period,” he added.

Meanwhile, RAM Holdings Bhd economist Kristina Fong said the rating agency projected Malaysia’s GDP to grow by 4.9% next year.

She said domestic-oriented services, as well as construction and manufacturing industries, will drive the modest recovery.

By Bernama

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