Property market abuzz again

Growing demand: Stakeholders say the ­continued momentum could mark a positive ­milestone for the industry by the ­year-end.

PETALING JAYA: The reopening of China’s borders on Jan 8 has seen its nationals increasingly enquiring and even buying properties in Malaysia, say real estate stakeholders.

A majority of them are looking for locations in the Klang Valley and Johor.

Optimism is also buzzing among stakeholders, who noted that the continued momentum could mark a positive milestone for the industry by the year-end.

Zerin Properties group chief executive officer Previndran Singhe said there was a definite increase in the number of queries from Chinese nationals, adding that there were also deals under its corporate space.

“Our business space team has seen more companies looking for offices, retail and industry spaces.

“At the same time, we have also closed several business space deals for Chinese companies ranging from service providers to infra companies,” he said, noting that queries came flowing in after China reopened its borders.

He observed that most queries and deals closed were for locations within the Klang Valley as well as Iskandar Puteri in Johor.

“An increase in queries were also recorded for capital transactions, mainly in the industrial and logistics markets,” he said.

Overall, Previndran said the response by Chinese nationals and companies since the reopening of its borders was improving.

However, he said it was still not near pre-pandemic levels yet.

“We are, however, optimistic that it can reach the pre-pandemic state come year-end,” he said.

Malaysian Institute of Estate Agents (MIEA) chief executive officer Soma Sundram Krishnaswamy also spoke about an increasing number of enquiries ever since China’s borders reopened.

“There is optimism (in the market) based on factors such as the unity government, which increases the feel-good factor and boosts investors’ confidence.

“We can confidently say that the number (of enquiries) will rise given how Malaysia is also a preferred location for many Chinese nationals due to its food, culture and even stability,” he said when contacted.

The MIEA is a recognised body representing registered estate agents in the country.

Soma Sundram, who is also the MIEA past president, noted that most enquiries were leaning towards condominiums, given how there were managements in place to look after the properties.

“There is a bullish feeling in the air, but we can only accurately predict how things will potentially progress once the year’s first quarter report is released,” he said.