Property market on uptrend, says expert

Haresh-Khoobchandani-propertyKUALA LUMPUR: The Malaysian property market is seeing improved sentiment, according to iProperty.com CEO for Malaysia and Singapore Haresh Khoobchandani.

He said not only had the listings at iProperty grown, the number of transactions too had improved.

He said the latest economic indicators augured well for the Malaysian property market next year.

TheSun quoted him as saying: “Our listings growth has gone up, our subscription growth has gone up. We (iProperty.com Malaysia) are at record highs (in terms of website visitors) right now.”

He was speaking at the unveiling of iProperty.com Malaysia’s refreshed website yesterday, following its takeover by Australian Stock Exchange listed REA Group.

“Transactions were mainly in new developments. Buying power is definitely there. If you look at private consumption in Malaysia, it has gone up 7.5%. That is another indicator that there is buying power,” he was quoted as saying.

Affordable housing is driving the market with more units, as more developers shift focus towards the segment in order to meet market demand.

“There are two other things to keep in mind. The property index of the KLCI has outperformed the broader index. I think the property index has reported 12.3% returns against 2% in the broader index.

“It is really interesting to see property come back strongly. The other thing is the recent results of a lot of developers. If you look at the recent results that came through for a lot of the developers, their results were strong, very positive,” Haresh was quoted as saying by TheSun.