Napic hopes property sector can continue amid CMCO

Napic director Aina Edayu Ahmad said the property market is an important sector within any national economy.

PETALING JAYA: The National Property Information Centre (Napic) hopes the property market will be alowed to continue despite the reimposition of the conditional movement control order (CMCO) in Kuala Lumpur and Selangor on Wednesday.

Napic director Aina Edayu Ahmad said the property market is an important sector within any national economy.

"Given the CMCO, we hope the economic sectors will be able to operate. If this is the case, we would not see too much impact on the economy.

"However, having said that, we have yet to see the CMCO restrictions that are being imposed on the economy," she said at a press conference at the Property Market Outlook for 2020 - Beyond Covid.

She said the property market is a very broad one and is an essential sector within the economy.

Earlier, Aina presented an overview of the property sector for the first half of the year.

She said price of residential houses continued to record slow growth in Q2 2020 with the Malaysian House Price Index (MHPI) at 198.3 points in Q2 2020.

This indicates a marginal annual growth of 0.4%, lower than 1.9% growth recorded in Q1 2020.

On a quarterly basis, MHPI declined by 0.7% compared to Q1 2020 (199.7 points).

Aina's paper drew attention to the serviced apartment segment, where numbers of overhang units kept increasing over the years.

There were 21,683 overhang units recorded worth RM18.64bil, an increase of 26.5% in volume and 32.8% in value as compared to H2 2019 (17,142 units worth RM15.04 bil).

In terms of price range, serviced apartment units priced more than Rm500,000 make up 90.8% of serviced apartment overhang.

Johor's serviced apartment units priced RM500,000 and above make up 96.86% of the unsold completed units for this type of high-rise commercial, Selangor 69.13%.

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