PETALING JAYA: Under the theme “Real Estate Trends: 2018 and Beyond,” the 27th National Real Estate Convention (NREC) invited Valuation and Property Services director-general Sr Nordin Bin Daharom to talk about accommodating the real estate world with reliable and valuable data.
During his session, Nordin mentioned about the practicality and the need for optimal usage of big data to a company and the nation.
“Big data, or at least, the notion of it, has been around since 2001. Anything factual can be considered as a big data.
“It is the total sum of information possessed by your company that is then translated for use to ensure that the most optimal advancement is initiated,” he described.
Nordin proceeded to explain the difference between using a big and singular data.
“Imagine the idea of knowing the price of multiple single-terraced houses in an area instead of just one.
“Buyers could easily compare the prices and from it, make a better decision for the lowest price available in the market,” he added.
Hence it is important to note that the availability and accessibility of an accurate, reliable and timely data are crucial to the operation and the flourishing of the property market.
The National Property Information Centre (NAPIC) which was introduced in Oct 1999 has enabled anyone in the property industry to access reliable and up-to-date information on the status of the Malaysian property market.
The data obtained from NAPIC, which is currently presented with Unsold Initiative Enquiry System Malaysia (UPESM) has, in fact, allowed developers and even buyers to make more informed decisions in the industry.
The reports are freely downloadable on NAPIC and Jabatan Penilaian dan Perkhidmatan Harta (JPPH) websites.
“Many will feel that the deliverance of big data where everyone has an equal shot at the market is considered as an injudicious move.
“But we must also realise that big data is the way to go forward in this industry,” said Nordin.
Based on the compiled report by JPPH for the year 2017:
- There would be an incoming supply of 480,000 residential units and 132,000 serviced apartments.
- Planned supply of 427,000 residential units and 137,000 service apartments.
- In total, over 900,000 residential units and 270,000 serviced apartments are available in Malaysia.
- Overhang property stands at 20,300 units under residential and 3,800 units under-serviced apartments.
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