(From left): Homefield Real Estate Sdn Bhd principal Munirah Mohammad, Knight Frank associate director Kelvin Yip, MIEA president Eric Lim, MIEA Johor branch chairman Liow Toh Sen, Kozin Real Estate Sdn Bhd director Dato Alex Ting, and PPC International (Penang) Sdn Bhd director Mark Saw at the press conference of 2018 MIEA property market outlook.

By: Aisyah Suwardi 

PETALING JAYA: Malaysian Institute of Real Estate Agent (MIEA) is positive that 2018 would be a stable year for Malaysia's property market.

Based on a survey conducted by the organisation, 66.5% of the 370 practitioners who participated in the survey said that it would be a steady year for the industry due to healthy economic growth and prudent financial system.

The property sector with the highest votes of "Good outlook" (53.2%) is the affordable residential sector.

“The majority of our respondents have maintained a favourable market outlook for the affordable residential properties, mid-range, high-rise, landed residential properties and hospitality sector. However, more than 50% have indicated poor market outlook for the retail property sector and high-end service apartments and SOHOs,” said MIEA president Eric Lim during the press conference on the 2018 property market outlook yesterday.

The survey also reported that 84.3% practitioners agreed that the newly launched Digital Free Trade Zone (DFTZ) would be the new economic catalyst for Malaysia in 2018.

Separately, Homefield Real Estate principal Munirah Mohammad said in her project marketing report that they are looking to expand their target market to the urban professionals with household earnings of RM15,000 and above.

“According to the Household and Basic Amenities Survey Report 2016, about 7.1% Malaysians (approximately 2.27mil people) have household earnings of RM15,000 and above," she said, adding that these are the group that should be targeted to buy properties above RM600,000.

The approach was to solve the problem of 130,690 units of unsold residential properties, with a majority of them valued at RM800,000 and above, as reported by NAPIC in Q1 last year.

Also, the survey stated that the respondents thought that the upcoming general election would affect Malaysia’s economy and property market. About 72.2% respondents said that the market would improve after the 14th General Election.