The Malaysian property market is expected to be stable this year, with signs of slow and steady growth, according to Rahim & Co Chartered Surveyors Sdn Bhd.

Property values could rise as high as 10% over the next two to three years, said Rahim & Co director Sulaiman Akhmady during a media conference held in conjunction with the release of the Rahim & Co Research: Property Market Review 2014/2015 report.

Property prices in the country are still on an uptrend, albeit at a slower growth, despite several cooling measures and the increase in living costs.

The report cautioned that the property market will be “more cautious” as it braces for the impact of the Goods and Services Tax (GST) that will be implemented on April 1. “Although it is expected to be a challenging year, there are good investment opportunities for those who prudently invest,” Rahim & Co said in a press statement.

Reviewing the market in 2014, the report stated that the number of residential property transactions costing RM400,000 and above made up 27.2% of the total market in the first half of the year, compared with 16.8% in the previous corresponding period.

The Kuala Lumpur office sector has maintained its overall occupancy rate at 80.1%, while the retail sector has seen considerable interest with the opening of new malls, such as Quill City Mall and Putrajaya IOI City Mall in the Klang Valley and the East Coast Mall re-opening in Kuantan, Pahang.