Malaysia Property Market Outlook 2022
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Malaysia Property Market Outlook 2022
Introduction
Overall, the market looks to be stabilising as we This is also in line with a general improved outlook
move into 2022, following the disruptive impact of for the Malaysian economy, which is anticipated
the COVID-19 crisis. Between Q2 2020 and Q2 2021, to perform better in 2022. Furthermore, the move
sharp drops in transactional activity were brought from a “pandemic” to an “endemic” classification
by rising infection rates and government-imposed of the crisis means the government is adopting
movement restrictions, resulting in price sustainable long-term policies in dealing with
depressions and fluctuating supply volume. COVID-19. This will result in more consistent
regulations on economic activity and bring clarity
However, the recent PropertyGuru Malaysia for businesses operations, improving sentiments
Property Asking Price Index found that prices were toward financial security and consumer
back on an upward trend in Q3 2021. This indicates confidence.
that sentiments are improving in tandem with
higher vaccination rates, the reopening of Our data indicates that a general improved
commercial activity and a less restricted outlook is making its presence felt in the market,
environment for consumers. driven by sustained demand and positive
transaction prices in key hotspots within the four
major regions of Kuala Lumpur, Selangor, Penang
and Johor. Aiding the momentum for recovery are
prevailing low interest rates, suppressed property
prices, and a slate of buyer-oriented incentives
offered under the ongoing Home Ownership
Campaign (HOC).
PropertyGuru Malaysia Property Market Outlook 20222021: A Year in Review
Asking price & Supply index
Price index Supply index
2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3
Base index: 100 | Units on y-axis are in % | Source: PropertyGuru
Malaysians are still on the lookout
for a property despite the 65% see living near
prolonged pandemic since 2020. health-related services
as important.
4 in 5 Malaysians surveyed intend to buy 65%
properties in Malaysia in the future.
45% cite investment as
reason for purchasing a
home and is more prevalent
45% among younger Malaysians.
PropertyGuru Malaysia Property Market Outlook 2022Contents
1 Looking back at 2021
2 Key trends that will impact the property
sector in 2022
3 Macro trends that will impact the property
sector
4 Big property bets in 2022
5 Should you buy or sell property in 2022?
6 Conclusion
7 About PropertyGuru
PropertyGuru Malaysia Property Market Outlook 2022Looking back at 2021
Looking back at 2021
Upward price
momentum after
months of
downward pressure
A drop in transactional activity added downward
Despite a momentary respite in late 2020, the pressure on prices in H1 2021, which already took a hit in
resurgence of COVID-19 infections in the first quarter 2020. However, supply continued to grow as the
of 2021 saw the return of “lockdown” restrictions in construction industry was among the few vital sectors
the country. Responding to an alarming rise in that were allowed to operate during the Full Movement
infection rates, stringent movement restrictions were Control Order (FMCO) period between May and July
reimposed, and a declaration of national State of 2021.
Emergency was made on January 11.
The PropertyGuru Malaysia Property Price Index, which
The situation dashed hopes of a quick recovery for tracks the movement of prices via property listings on
the property market, which was previously PropertyGuru, saw overall median asking prices
anticipated to occur by the end of 2021. Movement contract by 2.16% between Q2 2020 and Q2 2021. In
limitations had a significant impact on most retrospect, this actually reflects a measure of resilience
economic sectors, and the property sector was no by the market during the pandemic when compared
different. against larger price drops captured by the index in
previous periods of economic turbulence.
PropertyGuru Malaysia Property Market Outlook 2022Looking back at 2021
Malaysia Property Price Index
88.67
87.86
4
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
1
2
3
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
7
18
19
20
21
7
18
19
20
20
21
17
8
19
20
21
16
7
18
19
1
1
1
1
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Base index: 100 | Units on y-axis are in % | Source: PropertyGuru
By Q3 2021, the index found that overall asking A closer look at listing trends during this period
prices inched back upwards by 0.92% quarter-on- suggests the decrease in supply volume could be
quarter (QoQ) and 0.08% year-on-year (YoY). attributed to a temporary withdrawal of
properties for sale in the secondary market.
In contrast, the PropertyGuru Malaysia Property
Supply Index found that overall supply dropped by This is likely to be in reaction to pandemic-related
6.51% QoQ in Q3 2021 despite a positive gain of downward pressure on prices. However, should the
11.94% QoQ in the previous quarter. current upward price trend prevail, we could see a
substantial return of supply to the market by
year-end.
PropertyGuru Malaysia Property Market Outlook 2022Looking back at 2021
Malaysia Property Supply Index
405.02
378.67
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
1
2
3
4
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
7
18
19
20
21
7
18
19
20
21
17
8
19
20
21
16
7
18
19
20
1
1
1
1
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Base index: 100 | Units on y-axis are in % | Source: PropertyGuru
Interestingly, research by PropertyGuru DataSense, Secondly, the fact that median prices continued to
found that while the overall number of purchases rise while transaction volume dropped sharply
dropped sharply during the H2 2020 to H1 2021 period, indicates those who continued purchasing in this
the overall median price for transacted properties period were buyers who were on solid financial
actually moved upwards by 8.5%. This is, in fact, the footing with an appetite for higher-priced
sharpest rise registered since H1 2016. properties.
Firstly, the data reveals that property activity
continued to transpire despite a very challenging
environment, albeit at a much-reduced volume.
PropertyGuru Malaysia Property Market Outlook 2022Looking back at 2021
Median Price and 340K 66200
Number of Transactions 320K 58600
for Commercial and
Residential Sector 300K 51000
Median Transaction Price
No. of transactions
280K 43400
For these buyers, low interest rates, depressed prices
and an incentive-rich environment provided an
opportune moment to jump into the market. Even at 260K 35800
the height of restrictions, their ability to act on
purchase decisions were aided by a greater embrace 240K 28200
of digital transformation by property companies,
which now enables an end-to-end purchasing process 220K 20600
for consumers.
200K 13000
H2 016
H1 016
H2 017
H1 017
H2 018
H1 018
H2 019
H1 019
H2 020
H1 20
21
20
20
2
2
2
2
2
2
2
2
2
H1
Median Transaction Price No. of transactions
Source: PropertyGuru DataSense
PropertyGuru Malaysia Property Market Outlook 2022Looking back at 2021
Government-driven initiatives that
helped sustain the property market
Extension of Home Ownership Continuous offer of stamp duty and transfer
Campaign (HOC) fee exemptions.
Extension on moratorium on Expanded to include alternate option of 50%
loan repayments reduction on monthly repayment.
Retention of Overnight Policy Bank Negara Malaysia kept the OPR rate at
Rate (OPR) a low of 1.75%.
“With prices trending in a positive direction in the final quarter of
the year, and sentiments gradually, but steadily improving, it is
highly likely more property purchasers will want to catch the
potential upswing of market prices while the financial environment
remains favourable. This is a momentum that is expected to pick
up pace and spill over into 2022,” said Sheldon Fernandez, Country
Manager, PropertyGuru Malaysia.
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
Key trends that will impact the property sector in 2022
Stabilised market will revive buyer
interest
COVID-19 remains a looming issue that will influence
buyer behaviour as we head into the new year.
However, as the nation hits its vaccination targets and
infection rates remain at a manageable level, we can
expect consumer sentiment to improve at a gradual
pace, in tandem with an improved outlook on the job
56% market as the year progresses.
Looking ahead, the positive price indicators captured
Among millennials who do not own a in H2 2021 promises a more stabilised market in the
property, more than half intend to first quarter of the coming year. Despite issues
get a property after 30 years of age. surrounding the pricing mismatch experienced by
property sector prior to the onset of the pandemic, it
was widely recognised that demand remained strong
Saving money to grow
among property seekers, many of whom (at the time)
funds and buying a were simply priced out of the market.
property are among the
top priorities for the As such, the prevailing climate of low-entry costs for
coming year. properties could spur some early activity among first-
home buyers who had previously put aside plans
because of the unfavourable financing climate.
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
Improved economic Malaysians & Permanent Residents
environment for Year 1-3
30%
Year 4
20%
Year 5
15%
Year 6 onwards
0%
property seekers Companies
Businesses will return to full capacity following lifting of Year 1-3 Year 4 Year 5 Year 6 onwards
restrictions now that most states are in the advanced 30% 20% 15% 10%
phases of the National Recovery Plan. This will lead to
greater economic stability and improved job security Foreigners
for consumers, improving their own financial outlook.
Year 1-5 Year 6 onwards
Ultimately, this will create a conducive environment for 30% 10%
many to relook and revive homeownership plans or
aspirations to upgrade their lifestyles.
The recent Budget 2022 announcement, tabled on
Another group that could be making a quick comeback Oct 29, saw the removal of Real Property Gains Tax
into the market are investors, who will be keen to snap (RPGT) on homes that are sold on the sixth year
up properties while interest rates are attractive, and onwards. RPGT was initially introduced to curb
prices are on an upward cycle. speculation during an overheated market period.
Its partial removal will help liberalise the market for
investors and second home buyers without long-
term plans to retain their properties.
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
Progressive policies Budget 2022 announced that the government
for a changing would invest RM2 billion in guarantees to banks via
the Guaranteed Credit Housing Scheme. This is
aimed at assisting those in the “gig economy”;
landscape those with the funds to pay for loans but cannot
produce an income statement because they do
not earn in the traditional sense.
Budget 2022 Announcement Reacting to the move, Sheldon said: “This could be
the beginning of a more progressive approach to
to Spur Homeownership financing. Banks need to adapt to a changing
landscape, where innovative individuals have the
capacity to earn outside of the traditional context
of salaries. Furthermore, in today’s world, there are
Allocation of RM1.5 billion those with more than a single source of income
and a salary slip does not reflect the full scope of
an individual’s earning power.”
To develop housing This illustrates the government’s continued
programmes such Maintenance of commitment to provide more affordable
as Rumah Mesra the public residential options and promote home ownership
Rakyat housing units among the B40 income group.
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
Revival of Another issue that could impact property trends in
2022 is the Malaysia My Second Home Programme
(MM2H), which has yet to be reinstated since it was
programmes suspended in August 2020, in line with limiting
foreign entry into the country due to the COVID-19
needed to boost outbreak. The current consensus among market
players is that MM2H will play a vital role in reviving
sector the industry and help address the large number
unsold high-end properties in the country.
The property overhang will continue to be a concern
in the year ahead, although Napic’s H1 2021 market
report offers some positive news, stating that the
HOC MM2H current total of 31,112 residential overhang units
increased moderately by 5.2% from the previous
half. Overall, it is widely expected to take up to five
years to fully address Malaysia’s oversupply issues.
Surprisingly, an expected extension of the HOC
programme did not materialise, despite market
watchers pointing out that it would be a vital tool to
reinvigorate the market as the economy picks up. Napic’s H1 2021 Market Report
However, it is important to note previous extensions 31,112 residential overhang units
of the programme were not necessarily linked to increased by 5.2% from previous half
national budget announcements and the
government may yet choose to announce an
extension before the programme expires in Dec 2021.
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
Ongoing mega
projects enhance
future prospects
Progress on mega projects in the country is
expected to generate excitement in the property
market in 2022.
Mass Rapid Transit Line 3 Rapid Transit System East Coast Rail Link
(MRT3) in Klang Valley Johor Woodlands Port Klang Kota Bharu
Tun Razak Penang South Islands
Bandar Malaysia
Exchange (TRX) Transformation
PropertyGuru Malaysia Property Market Outlook 2022Key trends that will impact the property sector in 2022
This includes important infrastructure projects such
as the roll out of the Mass Rapid Transit Line 3,
which will help jump-start the construction sector
and create new economic focal points in areas that
will benefit from improved accessibility. Similarly,
the East Coast Rail Link that will provide a rapid
connection between Port Klang in Selangor to Kota
Bharu in Kelantan and be a catalyst for growth
along this corridor.
Additionally, the Johor-Singapore Rapid Transit
System will inevitably revive cross-border property
interest in the southern state, while the
transformation of Penang South Islands into a mix-
use sustainable city will draw international
attention.
In the Klang Valley, massive undertakings such as
Bandar Malaysia and Tun Razak Exchange (TRX)
will create world-class business and residential
attractions, while also satisfying local appetite for
residential, commercial and retail options.
PropertyGuru Malaysia Property Market Outlook 2022Macro trends that will impact the property sector
Macro trends that will impact the property sector
MoF said the expected growth trajectory aligns
Economic growth with the success of the vaccination programme and
the continuation of various stimulus and assistance
projected to expand packages to support citizens and revitalise the
economy. Much of this will still be in play in the
months ahead and will continue to boost the
by 5.5% to 6.5% economy in 2022.
Unexpected lockdowns dampened expectations of
a recovery this year, with Malaysia having to slash
Improved service
its 2021 growth outlook twice before settling on a
3% to 4% projection. However, the success of the and financial sector
National Recovery Plan, a ramped-up vaccination
drive and the gradual reopening of economic
activity has now boosted hopes of a turnaround in
a boon for
2022.
construction
In its Economic Report 2022, the Ministry of Finance
(MoF) said the economy is expected to strengthen As economic and social activities are now allowed to
by 5.5% and 6.5% in the coming year. It said this operate at full capacity in most parts of the
expansion will be supported by significant country, the service sector is anticipated to expand
improvement in global trade, stabilised commodity by 6% in the year ahead, while the manufacturing
prices, containment of the pandemic and gradual sector is expected to expand by 4.7%.
improvement in consumer and business sentiments.
PropertyGuru Malaysia Property Market Outlook 2022Macro trends that will impact the property sector
As a rebound in the property sector is expected to trail behind more
substantial national economic recovery, we will likely see gradual
improvements in the market environment in the first half of the coming
year, before it begins to pick up the pace in H2 2022.
Sheldon Fernandez
Country Manager, PropertyGuru Malaysia
Meanwhile, the finance and insurance subsector is Projection of sectors to grow in 2022
projected to grow by 5.5% with continued economic
recovery and resumption of investment activities. 1 Service sector 6%
2 Manufacturing sector 4.7%
This will combine to create a spill-over effect on the
construction sector, which MoF projects will 3 Finance and insurance subsector 5.5%
turnaround in 2022 with 11.5% growth.
4 MoF projects 11.5%
PropertyGuru Malaysia Property Market Outlook 2022Macro trends that will impact the property sector
According to United Overseas Bank Ltd, the
Better job market country’s economy is on a recovering trend,
resulting in an increase in hiring in Q3 2021. Already,
will boost consumer the unemployment rate dropped to 4.6% in August
from 4.8% in July earlier this year. As such, the
bank has tweaked its unemployment forecast for
confidence end-2021 to 4.2% from 4.5% previously.
“We expect job market conditions continue to
Importantly, Malaysia’s labour market recovery is recover in the coming months as domestic-oriented
projected to gain further momentum in the business activities and labour demand will increase
remaining months of 2021 and improve further on the back of improving domestic
considerably by 2022 as more businesses resume spending outlook,” it said.
operations.
As long-term financial security is a key prerequisite
behind property purchasing decisions, the return of
Unemployment Rate History job security and consumer confidence is a vital
4.8% factor that will lead to the revival of interest in the
property market.
4.6%
4.2% *
June 2021 August 2021 Year-end
*Source: United Overseas Bank Ltd
PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
Big property bets in 2022
The beginning of a new cycle
Following four consecutive quarters of downward
trending prices, the recent increase captured by Property Sentiment Index
the Property Asking Price Index in Q3 2021 indicates
prices have hit the bottom of the curve and are now The favourable
interest rates and
at the starting point of an upward swing. In short,
price outlook, as well
this means it is a great time to buy for those who as the high real
are on good financial footing. estate satisfaction
have increased the
As overall prices are currently subdued, any price study’s overall
increases in popular areas are worthy of your 42 pts 45 pts Sentiment Index by 3
attention because it represents opportunity for H1 2021 H2 2021 points.
considerable capital gain in the new cycle.
As Malaysians are more satisfied, they
“As the saying goes: You make money when you are likely to have a more positive
buy property, not when you sell. What this means is outlook on the future of property prices.
your best opportunity for capital gain is your point
of purchase. All indicators suggest that prices have Those who are satisfied with the
already hit their lowest point and the current current real estate climate in
stabilisation is a prelude to an upward swing, given Malaysia mentioned that good
the overall improved economic outlook. So, it is a long-term prospects for capital
great time to catch the new cycle,” said Sheldon. appreciation is the top reason
for them feeling this way.
PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
According to the Malaysia Consumer Sentiment
Study H2 2021 (MCSS H2 2021), consumers are now
viewing the property market in a more positive
light. Additionally, respondents also highlighted
good long-term prospects for capital appreciation
as a key reason for their improved outlook.
PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
Terraces remain the top choice
Overall, terrace houses remain the most sought-
after property type in the country. According to First-time home buyers Investor
research by PropertyGuru DataSense, they are
12000
predominantly the top choice for both first-home
buyers and investors, representing the largest
volume of properties purchased by these two groups 10000
No. of Transactions
in H1 2021.
8000
Driving the continued popularity of terraces is the
growing demand among millennials, who have now 6000
made double-storey terraces their preferred target
above condominiums, according to the MCSS H2 2021. 4000
The change in preference has been influenced by 2000
recent COVID-19 limitations as younger professionals
are seeking more space to balance both lifestyle and
0
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PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
While semi-dees and bungalows did not generate as
much attention in PropertyGuru DataSense’s H1 2021
study, the findings showed that investors were willing
to fork out more to purchase these two property types
during this period, as they represented the largest
growth in median transactional prices among all
property types.
The demand for condominiums and service
apartments has been diluted by the large volume of
supply in the market. However, high-rises that are
linked to transport-oriented developments are
expected to continue to generate demand, especially
among younger buyers who appreciate the
convenience and cost-effectiveness this lifestyle offers.
PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
Number of Transactions by State
280
Selangor the
260
240
220
strongest
200
180
performing region
160
From a regional perspective, Selangor recorded
140 the largest number of property transactions in H1
120 2021. Among the key regions in the country, this
100 was followed by Johor, Penang and Kuala Lumpur.
80
60 Outside of the key regions, Negeri Sembilan
40
performed the best in terms of transaction
volume, performing better than KL.
20
0
Selangor and Penang recorded the highest
Johor
Kedah
Negeri Sembilan
Pahang
Kelantan
Melaka
Perak
Perlis
Pulau Pinang
Sabah
Sarawak
Selangor
W.P Kuala Lumpur
median price of properties transacted at RM1.7
million. The median for KL was not far behind at
RM1.49 million, followed by Johor at RM1.05 million.
The lowest recorded median transaction price
countrywide was Kelantan at RM90,000.
Source: PropertyGuru DataSense
PropertyGuru Malaysia Property Market Outlook 2022Big property bets in 2022
Hotspots that No Penang hotspots QoQ in Asking
Prices
1 Gelugor (Timor Laut) 3.76%
deserve your 2
Nibong Tebal (Seberang
Perai) 3.52%
attention 3 Sungai Ara (Bayan Lepas) 3.05%
In terms of areas that saw noteworthy capital
No KL hotspots QoQ in Asking Prices
growth across the country, Puchong in Selangor
performed the best in H1 2021, witnessing a 32.6% 1 Taman Desa Petaling 7.29%
increase. Other areas that performed well were 2 Bandar Sri Manjalara 4.88%
Ipoh in Perak with 30.4% growth, Shah Alam in
3 Bandar Tun Razak 4.81%
Selangor with 28.1% growth and Tebrau in Johor
16.0%.
No Hotspots Capital Growth Rate In KL, key areas that performed well in terms of
recent asking prices in Q3 2021 were Taman Desa
1 Puchong (Selangor) 32.6% Petaling, which saw average prices move up by
2 Ipoh (Perak) 30.4% 7.29% QoQ, Bandar Sri Manjalara moved up by
3 Shah Alam (Selangor) 28.1%
4.88% and Bandar Tun Razak moved up by 4.81%.
4 Tebrau (Johor) 16.0% In Penang, the highest asking price movements
were recorded in Gelugor in Timor Laut (3.76%),
Nibong Tebal in Seberang Perai (3.52%) and Sungai
Ara in Bayan Lepas (3.05%).
PropertyGuru Malaysia Property Market Outlook 2022Should you buy or sell property in 2022?
Should you buy or sell property in 2022?
Great time to make a purchase for
those who are financially stable
All indicators point to an ideal time for buyers to However, should the market pick up pace by mid-
get into the market. It is an opportune moment to 2022, properties located in high-valued and
take advantage of low prices while they are on an centralised locales could see promising upticks in
upward trend, and benefit from prevailing low offer prices.
interest rates while they last.
However, an important factor to consider before
committing is the stability of personal finances and
job security in the current climate, which is still
coping with uncertainties. A thorough examination
is required to ensure you have the capacity and
confidence to take on an added long-term
financial burden.
From a seller’s perspective, the current climate is
not ideal for those seeking to make top dollar on
their sale. Even those looking to make a quick sale
face competition from a glut of new and
unoccupied properties. Buyers are currently spoilt
for choice.
PropertyGuru Malaysia Property Market Outlook 2022Conclusion: Steady, but positive, progress ahead
Conclusion
Overall, positive economic indicators predict 2022 will Any deterioration of the current situation will add
be a better year for the property market, even if further health and financial burdens onto buyers
improvements are expected to take shape at a and impact their outlook towards the economy as a
gradual pace. whole.
Consumer confidence is expected to trickle back into Given this, slow and careful progress, with an
the market in the first half of the year and grow embrace of innovative solutions to deal with our
steadily in the second. Crucial to achieving this is a changing norms, is potentially the best way forward
general strengthening of the overall economy, which for the market.
seems to be the main focus of the government under
Budget 2022.
As such, specific incentives to boost the property
industry will probably only come into play once the
economy is on more stable footing.
Even as we move forward with a more optimistic
outlook, it is important to note that sustained
improvement in consumer confidence will continue
to be linked to positive or negative developments on
the COVID-19 front. While the percentage of
vaccinated individuals are now high in the country,
infections remain at a high, albeit manageable, level.
PropertyGuru Malaysia Property Market Outlook 2022About PropertyGuru PropertyGuru is an online property portal in Malaysia, with more than 5 million monthly visits* and over 500,000 home choices as recognised by the Malaysia Book of Records. Voted “Top Brand in Online Property Search" by property seekers, PropertyGuru is the most preferred destination for Malaysians to find and own their dream home. The company is part of PropertyGuru Group, Southeast Asia’s leading property technology company. For more information, please visit www.PropertyGuru.com.my and www.PropertyGuruGroup.com, or our social media on Facebook, Instagram and LinkedIn. *Google Analytics
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Contact
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Property Market Outlook, contact mediaenquiry_my@propertyguru.com.my
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This publication has been prepared for general guidance on matters of
interest only, and does not constitute professional advice. You should not act
upon the information contained in this publication without obtaining specific
professional advice. No representation or warranty (express or implied) is
given as to the accuracy or completeness of the information contained in this
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