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|July 01,2008

Property market shows healthy 2Q growth

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The increase of 4.4% in the second quarter, which is a further increase of 0.7% compared to the first quarter of this year demonstrates the continued strong demand for public housing in the resale market.

The higher valuation attained for resale properties in the last quarter is also likely to have contributed to the higher price.

PropNex CEO Mohd Ismail expects public housing to continue to grow in the next two quarters by another 5% with an overall price increase in the region of 13%.

On the private secondary market scene however, the 0.4% increase over the last quarter is an all-time low for at least three years.

“The private property market can generally be seen to be in a consolidation phase,” observed Ismail, “where buyers are cautious over the uncertainty of the market, taking into consideration the current oil crisis and higher inflation rate.”

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