Valuers board expects no further dip in property market this year

PETALING JAYA: The government’s regulatory body for valuers, appraisers, estate agents and property managers expects no further deterioration in the property market this year despite predictions that the market could worsen towards the second half of 2019.

Siders Sittampalam, chairman of the Board of Valuers, Appraisers, Estate Agents and Property Managers’ (BOVAEP) test of competence, added that Malaysia’s property market should not be seen in isolation.

“Generally, the economy in the whole region is facing problems. There is a definite slowdown, economically,” he said when met by reporters after the launch of the 6th edition of the Malaysian Valuation Standards here today.

“As it is always said, the property market works within the framework of the economy. But our opinion is that the market will likely be flat until the end of the year.”

He added that the market’s current pace is enough to sustain it for the rest of the year.

When asked if there are internal factors behind the slowdown in the property market, Siders reiterated that Malaysia is not the only country that is not performing well.

“Regionally, all countries are not performing so well,” he said.

He added however that market sentiments will improve now that the government is looking at infrastructure projects such as the East Coast Rail Link.

“This is good,” he said. “We are looking at 2019 to see growth and improvement in both the economy and the property market.”

BOVAEP president Ahmad Zailan Azizuddin agreed, saying that the property market appears stable, based on past trends.

On a separate matter, he said as of Dec 31, BOVAEP had registered 3,500 new property managers who were previously not regulated by the board.

“In 2018, we opened up registration for those who want to practise as property managers to register themselves with us.

“Previously, there wasn’t a separate register for property managers,” he said.

He said it used to be that an individual only needs to be a valuer in order to be a property manager.

But this was no longer the case after the amendment of Act 242 of the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, he added.

“In order to practise as a property manager, they have to register with BOVAEAP.”