A major concern was the escalating oversupply situation in both the residential and commercial space, while at the same time, sellers were struggling to secure sales due to the prevailing weak economic environment.
KUALA LUMPUR: The property market is expected to remain subdued for 12 to 18 months and this year will be a buyers' market during a period of price consolidation.
According to Rahim & Co.'s overall property review and 2017 market outlook released on Thursday, affordable housing will continue to be popular.
“The concerns are the over supply for the commercial sector. Low oil prices, a weakening ringgit and golbal uncertainties will result in tenants scaling down,” the report said.
Hence, the absorption of new supply is expected to slow. This is also observed in the retail sector, it added.
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