Uptick down south
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SINCE the reopening of international borders in April, the Johor property market has been seeing encouraging signs of recovery.
Barring unforeseen circumstances, KGV International Property Consultants (M) Sdn Bhd director Samuel Tan says performance of the Johor property market in 2022 should be better than last year.
“Overall, we can deduce that the demand is recovering across the board, albeit at a different pace for each sub-sector,” he tells StarBizWeek.
For the residential property sub sector, Tan says the demand driver will primarily involve local buyers.
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“In terms of profile, the majority will be first-time house buyers and purchasers who have been eyeing the opportunity to upgrade for owner-occupation.
“These buyers are capitalising on the soft market sentiment to scout for value-for-money purchase.”
While official data for the second quarter of this year is still not yet available, Tan says sentiment has definitely improved following the reopening of international borders.
“The immediate beneficiary is the rental market for high-rise apartments as many Malaysians working in Singapore opt to rent a unit in Johor Baru and commute to Singapore daily.”
Tan says rental costs in Singapore have increased tremendously over the past two years.,
“Despite the improved sentiment with higher demand, we do not expect the sale transaction numbers to increase substantially, immediately.”
Tan explains that property transactions can be lumpy and time-lagged, as it typically takes more than three months to conclude a deal.
“We would probably see gradual, improving transaction volume from the third quarter of 2022.
“The recovery will be a measured one,” he says.
Tan says smaller landed properties such as terraced houses and cluster homes remain popular and will be the first residential property types to recover.
“We expect to see a growth rate of 10% to 15% for such landed properties in 2022.”
He adds that high-rise serviced apartments and condominiums are the entry-level properties that a lot of first-timers can afford to look at.
“Landed properties are getting scarce and priced out of the affordability range for many first-time house buyers.
“For high-rise serviced apartments and condominiums, we expect a growth of 5% to 10% in transaction volume due to pent-up demand after border reopening.”
Tan says many developers are seizing the opportunity to clear their existing stocks by offering attractive packages.
Additionally, with the reopening of borders, Tan says Malaysians working in Singapore will be capitalising on the strength of the Singapore dollar and opting to buy properties for owner-occupation in Johor Baru.