Property prices plunge
KUALA LUMPUR: Owners in the Klang Valley are having a hard time selling their houses as buyers are staying away, hoping that prices would drop further.
This has been the scene in the past four months as buyers chose to "wait and see", anticipating further price drops next year.Even though experts say prices will not dip much, some real estate agents are in jitters over the prospects for the economy next year.Many real estate agents interviewed believe that the property market will only go downhill.
"Business has been bad. It's hard for us to sell houses nowadays," said one real estate agent.He believes prices of condominium flats will drop heavily, after experiencing rise of RM1,000 to RM2,000 per square foot in the past two years,
He said those most likely to be affected are middle-income property owners who have difficulty in servicing their housing loans.
He said prices of middle range homes might be stagnant for a couple of years.
Another real estate agent, who wanted to be known only as Lim, said properties on the outskirts of Kuala Lumpur, such as those in Puchong, will feel the impact more than upmarket areas like Mont Kiara and Sri Hartamas.
Property developer Sunrise Bhd is to defer some of its projects while waiting for the market to readjust.
The developer added that it will take measures to complete its Solaris Dutamas, 10 Mont'Kiara, 11 Mont Kiara and Mont Kiara Meridin projects.
Boustead Properties executive director Datuk Ghazali Mohd Ali said prices of condominium apartments might remain stagnant.
"However, a good piece of property in an excellent location and well managed will be able to ride a recession better than other forms of investment," he said.
This has been the scene in the past four months as buyers chose to "wait and see", anticipating further price drops next year.Even though experts say prices will not dip much, some real estate agents are in jitters over the prospects for the economy next year.Many real estate agents interviewed believe that the property market will only go downhill.
"Business has been bad. It's hard for us to sell houses nowadays," said one real estate agent.He believes prices of condominium flats will drop heavily, after experiencing rise of RM1,000 to RM2,000 per square foot in the past two years,
He said those most likely to be affected are middle-income property owners who have difficulty in servicing their housing loans.
He said prices of middle range homes might be stagnant for a couple of years.
Another real estate agent, who wanted to be known only as Lim, said properties on the outskirts of Kuala Lumpur, such as those in Puchong, will feel the impact more than upmarket areas like Mont Kiara and Sri Hartamas.
Property developer Sunrise Bhd is to defer some of its projects while waiting for the market to readjust.
The developer added that it will take measures to complete its Solaris Dutamas, 10 Mont'Kiara, 11 Mont Kiara and Mont Kiara Meridin projects.
Boustead Properties executive director Datuk Ghazali Mohd Ali said prices of condominium apartments might remain stagnant.
"However, a good piece of property in an excellent location and well managed will be able to ride a recession better than other forms of investment," he said.
