THE property market in 2022 fared better than in 2021 as the country transitioned to the endemic phase of Covid-19 with most restrictions eased. Transactions were up across the board this year, the pace picking up significantly towards the fourth quarter of 2022.
As in 2021, the buying and selling of development land and industrial assets remained positive. There was also heightened activity in retail real estate investment trusts (REITs).
“The property market was optimistic in 1Q2022 as the country was moving into the endemic phase. Sentiments remained positive as countries were preparing to open their borders. However, Russia’s invasion of Ukraine spiralled the world into high inflation, causing the cost of materials to rise. Then, Bank Negara Malaysia hiked interest rates to help ease inflation,” Stanley Toh, executive director of Laurelcap Sdn Bhd, says of events affecting the property market this year.
“The political instability further exacerbated the situation, adding to the myriad of negative sentiments we were already facing. As a result, many developers and investors remained cautious about purchasing property in 1H2022,” he tells The Edge.
