PropertyGuru: More homeowners selling property for cash flow

Country manager Sheldon Fernandez said due to the COVID-19 pandemic, those, who are cash-strapped, might still resort to selling their properties even though a six-month moratorium on bank loan repayments was introduced.

KUALA LUMPUR: Malaysia’s property supply growth in the market spiked by 34.53 per cent year-on-year (YoY) and 11.94 per cent quarter-on-quarter (QoQ) in the second quarter of 2021 (Q2 2021), driven by more homeowners selling property for cash flow, according to PropertyGuru’s latest Malaysia Property Market Index (MPMI).

In a statement, PropertyGuru Malaysia said the surge in property supply in the country in Q2 2021 is likely driven by an increase in the number of houses being put up for sale in the secondary market under the current economic climate.