PETALING JAYA: Transaction volumes for the property market hit its lowest point last year since 2012, amounting to 311,824 transactions in 2017, which resulted in the property market bottom out but Malaysian Institute of Estate Agents (MIEA) president Eric Lim Chin Heng today said that the Malaysian property market is set to improve in the years ahead through to 2020 gradually.

“We envisage that the market will continue experiencing ‘confidence gaining growth’ as fundamentals improve under the new government. Real estate investors, who have been playing an important part in the property market’s growth, have been on the sidelines for many years now and are looking forward to coming back to the market,” he said.

The near future, he added will comprise of the implementation of new policies by the government to boost the property market. It includes the introduction and management of affordable housing supply and the budget. Eric said these elements are expected to test the new government in tackling the setbacks in Malaysia’s property industry. I

MIEA aims to contribute to the positive sentiments revolving around the property market through its Continuous Development Programmes (CDP), which is accredited by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP).

The programme focuses on empowering the 18,000 active members of the real estate fraternity with new knowledge and improve skills with an emphasis on professionalism and integrity.

“We want to prepare and provide opportunities to our Real Estate Negotiators to be able to power through a challenging market and are prepared to reap the benefits when the market is expected to start picking up again in 2019,” Lim said.

The CDP is an annual training programme required by BOVAEP to ensure that Real Estate Negotiators (REN) are trained to be relevant in the work they do. It will enable RENs to continue practising for the coming year, allowing for the renewal of their REN tags.