KUALA LUMPUR, Oct 2 — Online property portal PropertyGuru Malaysia said the Covid-19 pandemic’s impact on property prices has been minimal, indicating that the real estate market may recover faster than expected.

In a statement, country manager Sheldon Fernandez said the current property market stability can be attributed to timely government measures, such as the reintroduction of the Home Ownership Campaign, as well as the interest rate revision following Bank Negara Malaysia’s Overnight Policy Rate cuts.“What’s most notable is that property price movements have been minimal relative to projections. For example, the Malaysian House Price Index (MHPI) declined by 9.4 per cent in 1998, compared to the 0.4 per cent gain in the second quarter this year,” he said.

Other trends include a resurgence of interest in central Klang Valley areas, with Bukit Jalil, Damansara and Kepong as prime hotspots, as well as a strong month-on-month growth in online searches for affordable and mid-range properties.

A healthy sentiment is also being seen in strong developer sales for projects catering to market demand, said Fernandez, but he cautioned that these growth prospects may be derailed in the face of a potential second wave of Covid-19 clusters nationwide following the emergence of hotspots in Sabah. — Bernama