iProperty.com.my unveiled the 2020 Property Demand Analytics, mainly focussing at four property types: terrace house, condominiums, service residences and apartments. The Analytics was virtually presented by Premendran Pathmanathan, General Manager of Customer Data Solutions at REA Group Asia that also included apartments for the first time.
The analytics shows that user visits to iProperty.com.my was at its lowest point in April 2020 after the MCO was imposed. It has since recovered as pent-up consumer demand pushed buying interest past new heights. As of December 2020, unique visits for sub-sale property listings saw an upward recovery of +85%. Similar trends have also been observed for home loans applied.
Johor recorded a double-digit decline across all property categories. However, terrace houses recorded capital gains as most of the home buyers in Johor still prefer landed homes. The construction of the Johor Bahru–Singapore Rapid Transit System (RTS) has recently begun.
Iskandar Puteri is the most in demand area in Johor with +118.6% growth in demand. Kluang has recorded the second-highest growth in property demand for properties between RM100,000 to RM150,000. Muar and Batu Pahat have several residential projects in the pipeline.
Commenting on the Demand Analytics, Premendran said, the property market is reliant on the country’s economy and that COVID-19 has changed the way everybody lives and works. Under Budget 2021, the government has increased stamp duty exemptions to the secondary market. It would therefore, help to ease home loan repayments by gradually reducing the Overnight Policy Rate (OPR) and reducing the Employee Provident Fund (EPF) allocation.
More information and details are available in the iProperty.com.my 2020 Portal Demand Analytics via www.iproperty.com.my/newsroom.