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Tuesday, August 10, 2010

Improvement in property sector, says Rehda

Malaysia's property sector showed signs of improvement with new launches increasing by 21 per cent in the first half of this year compared to the last six months of 2009.

There was a 12 per cent improvement in performance this year and actual sales had increased marginally, according to a survey by the Real Estate and Housing Developers' Association (Rehda).

The survey showed there was a 35 per cent increase in the number of new terraced houses in the market and a 7 per cent rise in semi-detached homes and bungalows.

Rehda president Datuk Michael K.C. Yam said there was pent-up demand for high-end houses and expects the trend to continue in the second half of the year.

The survey showed that majority of the buyers this year were first time owners and owner occupiers.

Meanwhile, the top three most effective marketing tool, which helped push sales, were free/subsidised legal fee and stamp duty, and special financial packages.

"Discounted pricing had dropped, indicating that the property market is moving upwards," Yam said a media briefing in Kuala Lumpur yesterday.

Yam said developers are gearing to launch more houses in the second half of the year, in the all- price category.

The survey involved 133 developers. Some 62 per cent of them were more optimistic of the market conditions against 43 per cent in the second half of last year.

By Business Times

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