Although unsteady in the previous year, homeowners will be pleased to hear that property value will likely see a steady increase in 2024, at least according to FAR Capital chief executive officer Faizul Ridzuan.
During the December CEO Series 2023 Economy and Business Forum, he commented on real estate buying trends in Malaysia and his predictions for 2024.
There will likely be an interest rate cut due to slowing economic growth, and the increase in property value would likely be bolstered by a lack of incoming supply and an increased focus on rentals, he pointed out.
When it comes to new launches, digestible properties will do well and continue their momentum in 2023, and homebuyers are expected to look out for an increase in Malay reserve launches. He added that as the year progressed, key markets would be first-timers and upgraders in matured areas.
Here are the five trends he had for developers looking to sell property in 2024, with plenty of lessons for homeowners:
- Layout
As Malaysia recovers from Covid-19, one thing that has left a lasting mark on society is the paradigm shift towards a work-from-home culture. The new generation of home buyers is looking for homes that complement their outlook on work-life balance.
Flexible layouts increase selling points. These can come in the form of open spaces rather than tight, restricted rooms, allowing the resident to choose how they use their space.
- Facilities
“Rooftop pool, co-working and 24-hour gym will be key if you want to sell above market median,” Faizul said in his presentation.
These facilities add value to the property, as they often come part and parcel with apartment units. Residents look forward to areas they can spend their time in outside of work and home, especially one nearby.
- Lifestyle
When it comes to lifestyle, these can include the surroundings of the property, as well as the facilities. “People are willing to pay more for their lifestyle. Fitness and convenience is key to young people,” Faizul added.
- Strong USP
Every product must have a unique selling point (USP) to sell well. Whether you are looking to sell or rent your property, consider what makes it unique. A strong USP can be a low price, excellent facilities, convenient layout or size. Is there a public transport station nearby, or greenery attached to the property?
Interior design or refurbishment are factors that can be changed. A strong USP remains part of the product and is crucial to your sales pitch.
- Smaller units
It might come as a surprise, but as Malaysia continues to urbanise, small units are becoming the norm. Most apartment units range from sizes of 650sqft to 850sqft.
Faizul noted that small units are acceptable as long as there are plenty of common areas, which is why facilities such as the ones mentioned above are so important.
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