The overall property market may not entirely recovered, but the residential and industrial property sub-sectors have shown signals of good growth, according to Rahim & Co International Sdn Bhd's Property Market Review 2022/2023 research.
Other sub-sectors are expected to follow suit, albeit at a slower rate, said Tan Sri Abdul Rahim Abdul Rahman, the company's executive chairman.
He said that, despite the myriad economic and geopolitical difficulties that continue, as well as rising inflation and interest rate hikes that have prolonged purchasers' 'wait-and-see' attitude, transaction activities in 2022 have demonstrated that the market is robust.
"It is showing a significant rebound in overall market activities. This does not mean that the market has fully recovered, but more of a sign that it is resuming the rebound trend that was interrupted by the pandemic and other adverse domestic political and economic factors on our shores," he said at the launch of the report here today.
ahim also said that the firm is cautiously optimistic about the property market prospects for this year, believing that with strategic development roadmaps and the potential catalytic impact of major infrastructure developments, the local property sector will be stable and realign to the path of gradual recovery.
This is despite the cautious mood in the face of impending economic headwinds, he noted.
