KULAI: The property market in Johor could be impacted due to the ongoing Covid-19 outbreak.
Johor housing, communications and multimedia committee chairman Dzulkefly Ahmad said foreign propery investors may choose to shy away, and that the state government would monitor the situation.
“Foreign investors, such as those from Singapore, make up a large number of those purchasing property in the state. With the current coronavirus situation and its effect on the tourism industry, the property market could be adversely affected, ” he said during a press conference in Kulai.
Dzulkefly, however, said the effect on foreign investment would not be seen so soon, as the property market moves slowly, unlike the stock market.
“It will take about three to six months to see any changes or drop in foreign investments in the property sector, ” he said, adding that economic indicators would be out earliest by April.
He said the state government would be monitoring figures from the National Property Information Centre (Napic) to determine if a special task force was needed to handle the situation.
Dzulkefly said this after attending the Info on Wheels (IOW) Programme at TJ Mart Saleng, which aims to update the public on the facts of the current Covid-19 outbreak.
The event also hopes to counter the spread of fake news and to educate the public on the penalties of doing so. Information counters for government schemes such as i-Suri by the Employees Provident Fund and the government insurance initiative, mySalam, were also set up at the event.
The IOW programme kicked off in the state last month. Since then, a total of 52 programmes have been conducted across Johor.