This article first appeared in City & Country, The Edge Malaysia Weekly on February 19, 2024 - February 25, 2024
The Malaysian property market witnessed a moderate growth amid a mixed performance in different segments and regions in 2023 following a strong rebound in 2022. For this year, Rahim & Co International Property Consultants Sdn Bhd (Rahim & Co) believes the market will grow steadily, with healthy demand for high-rise residential in transit-oriented developments, multi-compliant office buildings and niche industrial developments.
“While the official numbers for 4Q2023 have not been released, the first nine months of 2023 recorded among the highest numbers in transactions countrywide for the same period since 2011/12’s peak, indicating sustained market momentum from 2022. This is coherent with the post-pandemic recovery pace, which has surpassed pre-2020 performance,” Rahim & Co executive chairman Tan Sri Abdul Rahim Abdul Rahman said at a press conference on Rahim & Co Research Sdn Bhd’s Property Market Review 2023/2024 on Jan 30.
Although the market is showing signs of recovery, Abdul Rahim said sentiment remained on the side of caution. “Concerns about global geopolitical stability and economic challenges continue to linger. They include issues such as inflation-led high costs of living, homebuyers’ affordability as well as global chain disruptions from ongoing global conflicts. Despite these concerns, the economy still grew moderately, anchored by domestic demand, while unemployment numbers improved, bracing the property market momentum for the year,” he added.
