Property market remains soft in 2020

The property market remains soft this year despite the resumption of market activity under the recovery movement control order (MCO) and the proposed measures under the National Economic Recovery Plan (Penjana).

According to the National Property Information Centre (Napic), the property market’s performance recorded a sharp decline in the first half (1H) of 2020, in consonance with Malaysia's economic performance, which contracted by 17.1 percent in the second quarter (Q2) of 2020.

However, the country's gross domestic product (GDP) in Q3 decreased at a slower pace (2.7 percent) from the double-digit decline (17.1 percent) in Q2.

For 1H 2020, the property sector recorded 115,476 transactions worth RM46.94 billion, a decrease by 27.9 percent in volume and 31.5 percent in value compared with 1H 2019, which recorded 160,165 transactions worth RM68.53 billion...