The Malaysian real estate sector’s growth is expected to continue this year despite the impending increase in Sales and Service Tax (SST) rate to 8% from 6% from March 1, according to international property consultants Rahim & Co International Sdn Bhd.
Rahim & Co director of research and strategic planning Sulaiman Akhmadi Mohd Saheh said the market’s impressive performance in 2022 carried forward into 2023 is anticipated to extend into 2024, albeit at a slower rate.
“The sector will continue to grow (this year), particularly in areas with strong existing infrastructure, strategic locations, and sufficient population and workplace amenities, as well as schools for children,” he told reporters yesterday at the company’s property market prospect for 2024 briefing and the release of its annual publication, Property Market Review 2023/2024.