KUALA LUMPUR (July 2): The Malaysian housing market may have bottomed out as developers responded quickly when it began to slow down, The Edge Malaysia business and investment weekly (Edge Weekly) reported, quoting industry experts.

Edge Weekly, in its latest July 4-10 issue, quoted real estate services provider Savills (M) Sdn Bhd executive chairman Christopher Boyd as saying the market was expected to improve by the end of this year or early next year.

Boyd said there was still a lot of pent-up demand across the market. He, however, said property sales within the RM1 million to RM1.5 million price segment had been slow.

“There is a slowdown in the property market, but some launches have been very successful. The launch of Nordica Residences @ Gravit8 by Mitraland — serviced residences priced between RM400,000 and RM500,000 in Klang South — received great sales response,” he said.

Meanwhile, real estate consultancy firm VPC Alliance (M) Sdn Bhd managing director James Wong was quoted as saying residential property prices had fallen amid weak economic sentiment. 

"Owing to the current weak economy, poor property market sentiment and tightening guidelines for banks, residential property prices in the secondary market have dropped by 5%.

"This year, residential property prices in the Klang Valley could see a single-digit drop. We also expect office prices to decline,” Wong said.

For a better understanding on the Malaysian housing market, kindly pick up and read the latest Edge Weekly issue.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.