(KUALA LUMPUR) Prospects remain good for the country’s property market with room for further growth, the directorgeneral of the Finance Ministry’s Valuation and Property Services Department, Abdullah Thalith Md Thani, said yesterday.
The market is, however, currently in a cautious mode in view of rising crude oil prices and the slowing down of the US economy, he said in a presentation at the Malaysian Property Summit here.
Mr Abdullah said higher prices would result in people concentrating on more important needs like food and transportation, with an impact on demand in the property market.
He called on developers to keep abreast with changes that influence market performance in order to avoid a mismatch between supply and demand.
He also said that the residential property sector has received a boost from the government’s move to allow Employees Provident Fund (EPF) contributors to make monthly withdrawals for the financing of their houses.
Source: Bernama (Business Times 28 Feb 08)