Property market to rebound after bottoming out last year, says MIEA

2018-08-09

PETALING JAYA: The Malaysian property market is set to gradually improve in the years ahead through to 2020, Malaysian Institute of Estate Agents (MIEA) President Eric Lim Chin Heng said today.

"The property market may have bottomed out last year with transaction volumes hitting the lowest point since 2012, amounting to 311,824 transactions in 2017," he said in a statement.

"We envisage that the market will continue experiencing 'confidence gaining growth' as fundamentals improve under the new government. Real estate investors, who have been playing an important part in the property market's growth, have been on the sidelines for many years now and are looking forward to coming back to the market."

MIEA foresee the implementation of new policies by the government to boost the property market.

"Two major events include plans to introduce and manage the supply of affordable housing and the forthcoming budget which will be a test for the new government in tackling the woes of the property industry," Lim said.

"To help spur further confidence building, MIEA will be focusing the content of their Continuous Development Programmes (CDP), which is accredited by the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), towards empowering the 18,000 active members of the real estate fraternity with new knowledge and improve skills with an emphasis on professionalism and integrity."

The Continuous Development Programme is an annual training programme required by BOVAEP to ensure that Real Estate Negotiators (REN) are trained to be relevant in the work they do.

"This will enable RENs to continue practising for the coming year, allowing for the renewal of their REN tags," Lim said.

He added that MIEA has been proactive in addressing the needs of the real estate fraternity and it was decided that CDP programme courses developed by MIEA would focus on skills development, appealing to both the new and experienced real estate negotiators to enhance their ability to serve clients more effectively.

"We want to prepare and provide opportunities to our Real Estate Negotiators to be able to power through a challenging market and are prepared to reap the benefits when the market is expected to start picking up again in 2019," Lim said.

Some of the speakers that MIEA has chosen to lead its CDP programmes include industry heavyweights such as Lim Boon Ping, President-Elect of MIEA & Board Member, Kelvin Yip, Vice-President of MIEA, Siva Shanker, Past President of MIEA, Nixon Paul, Managing director, Carey Real Estate, Chan Ai Cheng, MIEA Secretary General & General Manager, S.K. Brothers Realty and Soma Sundram, BOVAEP Real Estate Agent of the Year 2016 recipient.

The CDP programme will be held three times a week until end December 2018 to cater for all Negotiators.

"I continue to stress the importance of our CDP programmes in growing the skills and professionalism of the real estate fraternity," Lim said.

"Given that CDP participation is also a requirement of maintaining the accredited status of Real Estate Negotiators (RENs), we will be bringing our CDP programmes nationally to Perak, Penang, Selangor, KL, Johor the east coast of Peninsular Malaysia as well as Sabah and Sarawak."

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