Recently, PropertyGuru conducted a survey on consumer sentiment towards property. Despite the overall sluggishness of the local real estate sector, the survey findings indicated that consumer sentiment towards property has improved marginally, and that Malaysians are keen to invest in more properties this year.
To highlight, some of the key takeaways of the survey are:
- 28% of Malaysians express satisfaction with the local property market which is an increase compared to the firsts half of 2015
- Decrease in number of people who feel properties are too expensive across all residential property types to 58% from 55% in Q1 2015
- 56% of consumers have expressed intention to buy a residential property within the next six months
- High rise homes (both condominiums and apartments) are the most popular homes followed by terrace homes
- Top considerations for buyers to purchase the property are the price per sqft, future developments in the area, property size, developer’s reputation and rental yield
- Overseas property investment remains high
- Reasons to purchase overseas:
- 51% answered affordability
- 30% answered for capital appreciation
- 29% for their children’s future education
The article further explains the reasons behind the increase of positive sentiment which are due to the oversupply of various properties, especially high-rise or strata residences. Furthermore, according to PropertyGuru Malaysia Country Manager, Sheldon Fernandez states that the affordability still remains an issue, but the prices have somewhat moderated and upon this change, more people are looking at property again.
Additionally, buyers are expressing positivity as they realise the current prices and the exciting offers is attractive, and may not be available again in the future. Hence, it is likely that consumers are accepting the realities of owning a home in Malaysia and as they change their perceptions, they are also starting to look at property again with more realistic expectations.