Property transactions to continue to slowdown albeit at a slower pace

KUALA LUMPUR: The rate of decline in the total number of property transactions is expected to slowdown this year to 5-10% from an estimated drop of 10-15% last year.

Rahim & Co Group of Companies executive chairman Tan Sri Abdul Rahim Abdul Rahman said market activity is likely to be subdued this year while average property prices, though still holding, may face some corrective pressure.

For the first nine months of 2016, transaction volume fell 11.9% year-on-year to 239,983 units while total value of transactions fell 16.4% year-on-year to RM95.4 billion.

Speaking to reporters at a briefing today, Abdul Rahim said the market will begin seeing some recovery at the end of 2017 as the economy recovers, with transaction volumes rising by at least 10% in the next 24 months.