My personal view of the property market indicates that the overall trend is shifting towards affordable housing, which reflects a decrease in buying power. Currently, only three major states are showing growth in the property market: Kuala Lumpur, due to its urban opportunities; Penang, due to the balance of size and demand as an island; and Johor, because of its proximity to Singapore.
There are numerous unsold units attributed to affordability issues and oversupply, as developers often prioritize quick profits based on government announcements regarding infrastructure and connectivity, such as the RTS link between Johor and Singapore. Only high-quality commercial properties are being picked up at higher price ranges, while other locations, particularly in Johor, need to sell at average prices.
Overall, the property market shows some positive growth, but it is not exceptional. The government is focusing on affordable housing due to political movements aimed at supporting first-time homebuyers. In conclusion, property development is currently unbalanced, with a concentration on certain states.
Author;
Huzaifah Hatimbhai
Councillor
