,Rehda president Datuk Soam Heng Choon Pic) said the global vaccine rollout will improve the country’s economic outlook, which will in turn spur the local property sector.
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PETALING JAYA: Local developers are more optimistic about the outlook of the property market in the second half (H2) of 2021 than the first six months of the year, on the expectation that an impending economic recovery will spur buying sentiment.
In a survey of 134 respondents by the Real Estate and Housing Developers’ Association (Rehda), it was revealed that 20% are optimistic about the property market and sales performance in H2 of 2021, compared with just 8% in H1 of 2021.
The survey also showed that 26% are optimistic about residential sales growth in H2, compared with just 8% in H1.
Rehda president Datuk Soam Heng Choon said the global vaccine rollout will improve the country’s economic outlook, which will in turn spur the local property sector.
“With more countries recovering from Covid, our trade will improve and this will boost our economy.
“When the broader economy recovers, the property market will as well, ” he said during a media briefing yesterday.
Additionally, Soam said the ongoing Home Ownership Campaign (HOC) is a much-needed boost to the property market.
“We hope that the HOC, which tentatively ends on May 31, will be extended until the end of the year.
“Since it was introduced on June 1,2020, a total of 34,354 residential units valued at RM25.65bil have been sold as at Feb 28,2021.”
According to Rehda’s property industry survey for H2 of 2020 and market outlook for both H1 and H2 of 2021, a total of 13,037 units are being planned for launch in H1 of 2021, consisting of 12,874 residential units (6,998 strata units and 5,876 landed units) and 163 commercial units.
Amongst respondents with future launches, the majority of them (83%) anticipate their sales performance to be 50% and below for the first six months of this year.
The survey revealed that Kedah, Perlis, Negri Sembilan, Pahang and Selangor planned to launch residential units within the RM250,001 to RM500,000 price range, whereas Johor, Penang and Wilayah Persekutuan aimed to offer units priced between RM500,001 and RM700,000.
Additionally, Rehda said respondents were neutral about the economic and business outlook, as they were concerned about consumers’ purchasing power in H1 of 2021.
The same was reported with the property industry outlook, specifically with regards to residential sector growth.
However in both cases, Rehda said there is increased optimism for H2 of 2021.
In terms of performance for 2020, Rehda said H2 of 2020 saw the launch of 12,640 residential units compared with 12,556 units in H2 of 2019, with two-and-three-storey houses being the most popular (4,120 units) followed by service apartments (3,250 units) and apartments/condominiums (3,059 units).