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CLICK TO ENLARGETHE National Property Information Centre (Napic) is expecting a soft upturn in the property market in the second half of 2021, with recovery primarily dependent on the country’s economic and financial outlook.
In its Annual Market Report 2020, which was officially launched earlier this week, Napic says the availability and rollout of the Covid-19 vaccine throughout the country will play a fundamental role in determining the economy’s growth trajectory.
“This will help boost business confidence, household sentiment as well as the general economy, ” it says.
A property analyst concurs, saying that the property market will, as always, be driven by the residential sub-sector.
“The bulk of transactions will be from the residential sub-sector. While most buyers are cautious about the outlook for now, there is growing optimism, especially with the vaccine rollout.
“We expect property developers to be more aggressive than ever before when it comes to driving sales. For those that have the means, it is certainly a buyers’ market this year, ” he says.
Additionally, he says the Home Ownership Campaign (HOC), which has been extended until the end of May, will also help spur sales within the residential sub-sector.
The HOC kicked off in January 2019 to address the overhang problem in the country. The campaign, which was initially intended for six months, was extended for a full year.
The HOC proved successful, having generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.
The government reintroduced the HOC in June last year under the Short-Term Economic Recovery Plan (Penjana) to boost the property market after it was adversely affected by the Covid-19 pandemic.
Last month, at the Real Estate and Housing Developers’ Association’s (Rehda) briefing on the property market for 2021, its president Datuk Soam Heng Choon revealed that since the HOC was reintroduced last June, a total of 34,354 residential units valued at RM25.65bil had been sold as at Feb 28,2021.
Kenanga Research in a recent note says that while it expects property sales to rebound this year, the recovery however is not expected to reach pre-pandemic levels.
“While 2021 would be poised for a rebound in terms of sales and earnings due to a low base effect, visibility beyond 2021 remains bleak. In fact, based on targets set by developers under our coverage, the bigger developers like Sime Darby Property and S P Setia are aiming for lower sales compared to pre-pandemic levels, alluding to a lack of conviction for a sustainable rebound.
“Bear in mind, this is backed by accommodative policies providing temporary support. Note that the HOC and relaxed loan margins will end in May, while the real property gains tax exemptions will end in December 2021.”