KUALA LUMPUR (Feb 12): It is unlikely that the government will implement more cooling measures on the property sector this year, said Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan.

"I don't foresee the government imposing more cooling measures for the rest of the year," Abdul Rahman said, noting that the property market already appeared "battered" and "jittery" now.

He was speaking to reporters after delivering a keynote address at the Greater KL & Malaysia Smart City Conference 2015 today, which was organised by the Asian Strategy and Leadership Institute (ASLI).

He said the government has already implemented sufficient measures to cool down what was previously perceived as an overheated property market, including the cap of RM1 million for the foreign buyers and an increase in the real property gains tax (RGPT), among others.

He also noted that some 70% of house owners now would love the value of their property to increase, while the remaining 30% don't own homes and wish the house prices to be lower.

"If you are a first-time buyer, you want the house price to be low. The issue is, 70% of Malaysians who own houses want their property price to appreciate. How do you manage this? One way is to allow it to go up, but not [at] 12% a year, because that is not sustainable," he said.

He said most first-time buyers are youths and suggested that they consider renting before buying as they are just at the beginning of their career.

Abdul Rahman said renting is also more flexible and practical for such youths, as they have just joined the labour force and should be prepared to live in a smaller place that is possibly further from the city.

"I'm asking the youths to consider renting as an option," Abdul Rahman said.