Mixed outlook for property sector as pandemic bites

Hit hard: Covid-19 has left a wide swathe of destruction in its wake in Malaysia too. Banners of property for sale in front of a row of closed shops in Kuala Lumpur.

KUALA LUMPUR: Signs of financial distress in the country are getting more prevalent and clearer as the COVID-19 impact bites deeper into Malaysia’s economy, resulting in rising unemployment and shrinking incomes.

The Department of Statistics Malaysia’s May 2021 data showed that the jobless rate was at 4.5 per cent, involving over 728,000 workers, although it dropped marginally from 4.6 per cent in April 2021.