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KUALA LUMPUR: The Malaysian property market is expected to be “flat and stable” this year, as consumers continue to adopt a “wait and see approach” in light of the challenging environment, said property consultancy Rahim & Co.

“Looking forward, 2018 will be yet another challenging year for our property market, but many are hoping that the results of the forthcoming general elections will give a firmer direction for the nation - hence reigniting the momentum in the property sector,” it said in a statement today.

“Although it may be too soon to say that the market has bottomed out, we do no expect the market in 2018 to be much worse off than in 2017.”

Rahim & Co, which launched its Property Market Review 2017 / 2018 today, added that the residential sector is expected to see more projects within the “affordable housing” range, defined by prices of up to RM500,000 in the Klang Valley and lower in other less urbanised states.

In the office sector, Rahim & Co said oversupply concerns continue to lurk as Klang Valley’s supply reached 131 million sq ft.

In the retail market, a similar picture is seen against the backdrop of passive consumer spending.

The industrial sector meanwhile is expected to see a rise in demand as the proliferation of e-commerce is anticipated to place properties within this segment under the radar of many  logistics and warehousing players.