KUALA LUMPUR, Feb 16 ― PropertyGuru Malaysia’s Sale Demand Index dropped 14.8 per cent in the fourth quarter (Q4) 2022, reflecting how potential buyers may still be facing...
KUALA LUMPUR, Feb 16 ― PropertyGuru Malaysia’s Sale Demand Index dropped 14.8 per cent in the fourth quarter 2022, reflecting how potential buyers may still be facing affordability issues or a lack of confidence towards the current property prices on the market.
The report showed an uptrend in PropertyGuru Malaysia’s Sale Price Index by 1.5 per cent quarter-on-quarter following the increased Overnight Policy Rate to 2.75 per cent last year, contributing towards the higher overall cost of property ownership. “This has created a phenomenon where the price gap between both parties has widened, further contributing to the housing affordability issue we’ve been tracking throughout the past year,” he said.Fernandez said this upward trend is expected to continue as existing homeowners increase housing prices to counter the higher overall cost of homeownership caused by the higher interest rate.
The supply of rental listings on PropertyGuru’s website increased by 19.6 per cent, as landlords were jumping back into a rental market with positive demand, seeking alternative income sources to offset inflation.
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