- PropertyGuru launches the PropertyGuru Market Index as a key reference for Malaysians seeking to understand the real estate market.
- Marginal quarterly points to possible bottoming out in Malaysia
- Year-on-year price trends reflect 1.8 percent decline
KUALA LUMPUR, JUNE 1 2017 – PropertyGuru continues to help Malaysians make more informed property decisions. The ‘PropertyGuru Market Index’ (PMI) was launched exclusively in Malaysia today.
PMI is a comprehensive, insightful quarterly overview of home pricing trends at a nationwide level, as well as the key property markets of Kuala Lumpur, Selangor, Johor and Penang.
The index serves as a great knowledge asset and trend indicator to all consumers helping them make informed property decisions. PMI is available to the public at:
http://www.propertyguru.com.my/marketindex
PMI is derived from PropertyGuru’s extensive proprietary data, which includes (but is not limited to) the asking prices of over 250,000 residential property listings on PropertyGuru.com.my.
The data is cleaned, aggregated and indexed to provide insights into price movements on a quarterly basis. The index also considers supply volume of properties from both the primary and resale markets.
Kuala Lumpur, Selangor, Johor Move Upwards; Penang Declines
Quarterly, Kuala Lumpur, Selangor, Johor registered upward price movements with increases of 0.3 percent, 0.3 percent and 3.4 percent respectively. Penang’s index showed a decline in property prices by 0.7 percent– largely attributed to a reduction in prices and a tapered supply.
Yearly, the Index saw Penang and Selangor record year-on-year declines of 4.1 percent and 2.6 percent, respectively. Kuala Lumpur recorded one percent year-on-year growth. A significant year-on-year increase of 5.3 percent was seen for the Johor market contributed by the various mega projects being developed there.
“Going forward, we foresee prices being affected by inflationary pressures due to rising living costs, availability and accessibility to financing and overall conditions of the macro-economic environment. The next quarter will provide a clearer indication on how the property market has performed in the first half of 2017 and possibly give us a trend line for the rest of the year,” shared Fernandez.
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