KUALA LUMPUR (Aug 9): The outlook of the country's property market is set to gradually improve in the next two years until 2020, after it had "bottomed out" and recorded the lowest transaction volume in 2017, according to Malaysian Institute of Estate Agents (MIEA) president Eric Lim Chin Heng.

"The property market may have bottomed out last year with transaction volumes hitting the lowest point since 2012, amounting to 311,824 transactions in 2017," Lim said in a statement today.

According to data from the government-owned National Property Information Centre, Malaysia's annual property transactions dropped 2.7% to 311,824 units in 2017, from 320,425 units in 2016.

In monetary terms, this is equivalent to a 3.8% decline in the value of the country's annual property transactions, which was at RM145.41 billion in 2017 from RM139.84 billion in 2016.

At the same time, Lim said the property market will continue experiencing "confidence gaining growth" as fundamentals improve under the new Pakatan Harapan government, which was installed following a surprise victory in the 14th general election on May 9.

Lim added that MIEA foresees the implementation of new policies by the government, particularly through the Housing and Local Government Ministry, to boost the property market.

"Two major events include plans to introduce and manage the supply of affordable housing and the forthcoming budget, which will be a test for the new government in tackling the woes of the property industry," he added.

According to Lim, real estate investors, who have been playing an important part in the property market's growth, have been on the side lines for many years now and are looking forward to coming back to the market.

To maintain confidence in the property market, Lim said MIEA will continue providing its 18,000 active members with the continuous development programmes, which is accredited by the Board of Valuers, Appraisers, Estate Agents and Property Managers.

"We want to prepare and provide opportunities to our real estate negotiators to be able to power through a challenging market and are prepared to reap the benefits when the market is expected to start picking up again in 2019," he added.