High-end high-rise residential property prices may fall 10%-15% this year

KUALA LUMPUR: Prices of residential properties in the high-end stratified segment could drop by 10-15% this year as the market cools down and prices become more realistic.
CBRE-WTW managing director Foo Gee Jen said many buyers bought units under the Developer Interest Bearing Scheme about two to three years ago, whereby prices were marked up a lot.
"These units are in the market now but the value is much lower than the selling price," he told reporters at the Malaysia Property Market 2017 Outlook briefing today.
"If you look into subsale, sellers are more realistic, the gap between asking price and selling price is narrowing," he added.
He said the price correction this year would be more apparent in Johor, Kuala Lumpur and Kota Kinabalu.
As for landed residential properties, Foo does not expect prices to drop more than 10%.