A body representing real estate agents and negotiators has urged for a more nuanced view on the status of the property market, amid reports that there is an overhang on the supply side of the market.
Malaysian Institute of Estate Agents (MIEA) president Eric Lim issued a reminder that the property market is extremely sensitive to factors such as location, price, and the type of property, and thus care should be taken in interpreting figures about the health of the property market.
“When the data comes out from the National Property Information Centre (Napic) that there will be an overhang of, let’s say, 40 percent, a lot of people who see the data don’t really dissect where the data comes from.
“Some (of the data) are from areas where you shouldn’t be building homes. When you put homes there and can’t sell it, then it gets added (to the figures) and will show that there is an overhang...