KUALA LUMPUR: A lower overnight policy rate (OPR) is helping to raise the tempo for property buyers in the country, according to developers and those in the property business.

The drop in the OPR to 3%, as announced by Bank Negara last month, has come as a pleasant surprise to many in the currently soft Malaysian property market.

It is expected to help Malaysians cope with the high cost of living and boost the Malaysian economy.

“The reduction in OPR will ultimately benefit homebuyers because they will see a reduction in the monthly payment of mortgage loans, which will lessen the worries of some in committing to a property,” said IJM Land sales and marketing assistant manager Carlson Leong.

“With the reduction of interest rates in savings and fixed deposits, people are more willing to spend or invest in properties.

“This decision by Bank Negara is expected to boost the entire Malaysian economy besides being beneficial to property developers.”

Ekovest Bhd managing director Datuk Seri Lim Keng Cheng also viewed the reduction of OPR positively.

“The recent change that reduces interest rates is a good move in general and the (Bank Negara) governor has made the right decision,” he said.

“This move allows for cheaper loans for construction, while property buyers can get bank loans with lower interest rates.

“Rental yield for commercial properties will also translate into higher returns,” he added.

Gamuda Land managing director Chow Chee Wah said competitive pricing and attractive purchase incentives available in the market now had also helped stir interest from property and homebuyers.

“The drop in fixed deposit rates may also motivate those who traditionally save their money in the bank to seek out other investment options with better returns such as property,” he said.

There are many such deals to be found at the StarProperty.my Fair 2016.

The fair, hosted by StarProperty.my and supported by premium partners Ekovest Bhd and IJM Land, showcases the best of the property market’s offerings under one roof,

It is open to the public from 10am to 10pm daily until Aug 21 at the ground floor of Nu Sentral Mall.

A wide array of family-friendly events has been planned for fair visitors and homebuyers.

These include lucky draws, tree giveaways and a CR8 robotic challenge that will take place on selected days.

For more information, log on to http://fair.starproperty.my/.