For most people, the pandemic is a huge disruption, causing a complete overhaul on how we go about doing our activities. The property industry is not exempted from these changes, and the foreseeable future is rife with uncertainties.

During the Malaysian Institute of Professional Estate Agents and Consultants webinar (MIPEAC), industry leaders and experts shared their opinions regarding the property market moving forward, and these are what they had to say.

According to SP Setia Bhd president and CEO Datuk Khor Chap Jen, the future may see fewer project launches from developers, and even then, these launches may be smaller parcels, somewhere around 50 to 60 units. These new products will lean towards the affordable-luxury and affordable-mid range properties.

He predicted that the market would take a dip over the next few months, but it will not plunge as the market has been subdued for quite a while. Khor reminded that the yearly property transactions are mostly dominated by the secondary market, which represents two-thirds of total transactions, while the primary market registers only at one third.

Khor said special schemes catering to first-time homebuyers should also be introduced to propel the market forward.

Since developers sell then build, they would be concentrating on delivering the products that had been sold during the last two or three years, allowing them more flexibility. However, he said some developers might offer additional discounts to clear their stocks. Even so, Khor is optimistic as the property market is supported by the Asian culture which favour homeownership as a form of investment and hedge against inflation.

To aid the property market, Khor suggested that the government provide a property centric stimulus package to drive the market. Cooling measures introduced by the government years ago should also be removed as Khor believed that they were implemented to prevent speculations, which to his opinion are no longer applicable.

Isyak said the increase in auction activities would be apparent after nine months as the six-month loan moratorium period is acting as a buffer.

Towards the secondary market, IM Global Property Consultants Sdn Bhd managing director Ishak Ismail predicted a rise in the number of properties on the auction market.

He said small business enterprises, sole proprietors and freelancers form part of the B40 and M40 group, and those related to the hospitality and tourism sector are going to be heavily impacted by the pandemic. These individuals usually own properties priced at RM500,000 or below; hence, Ishak believed that such properties would have a high representation in the auction market.

Contrary to what many may assume, Metro Homes Sdn Bhd director See Kok Loong advised that now is the best time to purchase properties related to the tourism industry due to the sizable discounts.

Further on, See pointed out that Malaysia shares the region with neighbours such as China and India, which represents about 45% of the world population. He reasoned that the rise of racism in western countries might force Asian tourists to look towards Malaysia as a travel destination instead.

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