Estate agents bullish on house prices | Daily Express Online
The Juwai IQI Malaysia Property Survey and Index Q3 2022 reveals that residential property prices are expected to increase over the next 12 months due to expectations of a better economy.
Respondents to the targeted survey of real estate agents expressed optimism that the economy will improve and, by extension, the real estate market will recover over the next 12 months and is expected to continue for the next 24 month.
They said these developments will lead to higher prices and rental yields in the residential sector.
Juwai IQI Group co-founder and CEO Kashif Ansari said estate agents across the country believe residential property prices will rise 11.8% over the next 12 months and continue into the following year. , with prices ending up 16.5% over the next few months. 24months.
Ansari attributed the optimism in the property market’s performance to agents‘ bullish outlook on the economy.
“About 45% of agents think the economy will be a little stronger or a lot stronger over the next six months,” he added.
According to the survey, agents expect residential prices in Penang to grow by 17% in two years, Johor is expected to grow by 18%, while prices in Kuala Lumpur and Selangor are expected to increase by 15.9% and in Sabah by 14.7%. %.
Ansari pointed out that since the start of the survey in 2019, the figures obtained this year were the most robust for the forecast of residential price growth.
“The forecast has changed significantly since the third quarter of 2021. Then, agents were anticipating a 5% decline in residential prices, and events proved that they were not far off,” Ansari added.