{"id":17536,"date":"2020-06-16T20:00:00","date_gmt":"2020-06-16T12:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/buying-new-property-after-covid-19.html"},"modified":"2026-03-26T16:02:14","modified_gmt":"2026-03-26T08:02:14","slug":"buying-new-property-after-covid-19","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/properties\/buying-new-property-after-covid-19.html","title":{"rendered":"#NewNormal: Should You Buy A New Property After COVID-19? Here\u2019s What The Experts Say"},"content":{"rendered":"\n

The impact of COVID-19 and MCO has affected the property market Malaysia. It is expected that the prices will drop or decline in these few months, but should you take advantage of this price drop and buy a new property? Read what the experts have to say.<\/strong><\/p> \n

The COVID-19 pandemic has left devastating effects on virtually all sectors of the Malaysian economy from tourism to airlines to hospitality, and the property sector is no exception to this as well. <\/p> \n

Before the virus outbreak and movement control order (MCO), the 2020 property market was expected to slowly recover from a recession phase, which began in 2015. This phase has been marred by<\/a> supply-demand imbalances causing property overhang, mismatch of house prices and affordability, weak consumer sentiment, property financing limitations, and a weakened ringgit against other major currencies.<\/p> \n

Affin Hwang Investment Bank previously forecasted<\/a> that the property\u2019s sector was expected to slowly recover in 2020 after years of contraction following the start of the recession in 2015. Sustained revenue and profit margins were also expected to drive the 2020 property market forward, but circumstances have since changed due to the COVID-19 outbreak. <\/p> \n

For starters, the volume of transaction units in Malaysia dropped by 9.9%  (47,045 ) year-on-year (y-o-y) in Q1 2020 from 52,203, according to the National Property Information Centre<\/a>. <\/p> \n

\"\"
2020 was supposed to be the recovery phase but predictions have changed following the virus outbreak. (Image source: iProperty<\/a>)<\/em><\/p> \n

Additionally with the virus still lurking in the community, coupled with uncertainties in both the national and global economies, experts now forecast<\/a> the 2020 property market to remain soft, a.k.a a buyer\u2019s market. Essentially, a soft market is one that has more potential sellers than buyers, and one where the purchasers hold much of the power in negotiations.<\/p> \n

It is important to note that though the market may have become more desirable for potential buyers, Malaysians are still grappling with other issues that can hinder any aspirations in the market, such as rising unemployment<\/a> (610,000 jobless people in June), sluggish wage growth and high cost of living. Without steady economic growth, a revitalized housing policy and incentives, buyers may not be tempted. <\/p> \n

To help with our analysis, CompareHero.my spoke to several experts and home seekers to examine whether purchasing a new property amid economic uncertainties is the right decision.<\/p> \n

How Has COVID-19 And MCO Impacted Property Price And Market? Experts Weigh In.<\/h2> \n

\"\"
COVID-19 has presented the property market with its own set of challenges and uncertainties.<\/em><\/p> \n

A thriving economy usually translates into a healthy property market. When a global crisis hits<\/strong>, it generally worsens the market, too, especially as people temporarily move away from purchasing luxury and big-ticket items<\/strong> during uncertain and difficult times. <\/p> \n

But Jin Ooi, a team leader in real estate at Kith & Kin<\/a>, said he\u2019s still seeing an influx of demand from the Mont Kiara area which he covers. \u201cRecently, there\u2019s been a spike in the number of people setting up appointments with us – a lot of people are interested in seeing properties, particularly renting homes,\u201d he said. <\/p> \n

\"\"
Jin has been working as a real estate agent for 3 years now, with a particular focus on the Mont Kiara property scene. (Image source: Jin)<\/em><\/p> \n

The spike could be connected to the drop in property prices during and after COVID19. Jin said he\u2019s already seeing and expecting a 20% decline in property prices<\/strong> at most as the market shifts into a buyer\u2019s market<\/strong> as a result of COVID-19. <\/p> \n

This view is echoed by Malaysian Institute of Estate Agents (MIEA) President Lim Boon Ping, who forecasted a decline of 10% at best, and a 20% drop at most, during the online ASEAN Real Estate Forum<\/a>. <\/p> \n

Dr Desmond Chong Kok Fei, deputy president of Malaysian Financial Planning Councils, however, told CompareHero.my that the decrease in housing prices might be more condensed within the subsale segment rather than the new property market. \u201cIn general, the holding power of Malaysia-owned property is still there. That\u2019s why you don\u2019t really see the drop in prices for subsale – yet,\u201d he said. Holding power refers to the ability of a homeowner to continue servicing the property loan and other fees and costs. <\/p> \n

We found this cool price checker on EdgeProp that might be useful for you. Click here<\/a> to view property prices in Malaysia. <\/p> \n

Related<\/strong>: What Is The Minimum Salary To Afford A Housing Loan In Malaysia?<\/a><\/p> \n

Due to the lack of confidence and uncertainty of the market, owners, Jin said, may opt to cash out and park their money in other investments<\/strong>. Some owners may want to liquefy immediately because of emergencies. For instance, one of Jin\u2019s clients sold his RM650,000 property for 20-30% below its value during the MCO because he needed the money to sustain his business. Potential buyers, on the other hand, may either play the wait-and-see game<\/strong> or push harder to negotiate for prices below market average<\/strong>, according to Jin.  <\/p> \n

Prices in the Mont Kiara scene, Jin said, are experiencing a drop of 10-20%<\/strong> while a smaller segment of the market has dropped significantly. \u201cIt\u2019s a premium area, so the prices are not affected as badly as in the rural and small outskirts like Cheras, Serdang, Rawang, etc. (developing areas) where there\u2019s a lot more supply than demand,\u201d he explained. <\/p> \n

Jin expects the market to bounce back within 2-3 years<\/strong>, and believes now is the right time to buy or invest in property for those who have secure cash flow. \u201cIf you\u2019ve saved up properly<\/strong> and are looking, now is the bargain period<\/strong>,\u201d he said. \u201cWhen there is a crisis like COVID-19, the market may be down because owners want to sell, and invest elsewhere. But just because a lot of people are selling, doesn\u2019t mean it\u2019s a market downfall, it only means the owners have shifted their plans.\u201d<\/p> \n

\u201cOver time there will be more ups and downs. Should you wait, or should you buy now? I think as long as you are ready to buy, go ahead<\/strong>, because it\u2019s now a buyer\u2019s market<\/strong>,\u201d he added. <\/p> \n

\"\"
Should you buy or should you wait?<\/em><\/p> \n

Chong\u2019s opinion mirrored that of Jin he said, investing in property in the current market will indeed be a good bargain for those who have set their life and financial goals<\/strong>, have sufficient savings<\/strong>, and are aware of their target price<\/strong>.  <\/p> \n

But Jin said buyers will have to be more realistic when it comes to negotiating prices. \u201cIf you want to negotiate, be ready with a counter offer<\/strong>. It\u2019s very unlikely that a property worth RM500,000 will drop down to RM250,000 because there\u2019s still other costs to consider like building and material costs,\u201d he said. <\/p> \n

The state of the market may embolden motivated buyers to go all out, but both Chong and Jin cautioned against impulsive buying<\/strong>, and emphasized the importance of reflecting on one\u2019s motivation and objectives<\/strong> before purchasing.  <\/p> \n

What Is The Property Market Sentiment In Malaysia? Homebuyers Share Their Thoughts. <\/h2> \n

\"\"
Yong plans to eventually come back to, and retire in Malaysia. (Image source: Eric)<\/em><\/p> \n

When finance manager Eric Yong, 28, looks back on his first property purchase six years ago, he can now safely say it was in fact a good investment, though in hindsight, he wasn\u2019t exactly sure what he was getting himself into. <\/p> \n

\u201cThere was a new condo launch, so I just followed my friends, especially because the market was booming,\u201d he said, who eventually got a 20-30% return from selling the RM300,000 condominium in Puchong after three years. \u201cI didn\u2019t really do much research on the property then, so I\u2019m glad and happy I got a good return\u201d he chuckled. <\/p> \n

His decision to purchase his first property, Yong said, was made easy by the fact that the risks and his commitments seemed low<\/strong> at the time: the house didn\u2019t require a lot of capital as down payment<\/strong>, and because he was still living with his parents. After deducting monthly installment, Yong still managed to save more than 50% of his salary.<\/p> \n

He is currently looking for his latest and fourth property of which he plans to reside in permanently (he has since sold off his first two properties), while his third property is currently used for long-term investment. <\/p> \n

But his latest house hunting experience will surely be different compared to when he was 22. The circumstances are starkly different now with COVID-19 rampaging across the globe.  <\/p> \n

\u201cUnlike in the past, now I don\u2019t really get to see and feel the properties I\u2019m scouting for because I can only view them from my phone, but it\u2019s starting to rub on me. As long as you can get a trustworthy agent<\/strong>, that smoothen the process so much more,\u201d he said. \u201cBecause of the current situation (COVID-19), I think there might be good opportunities in the market. I feel like I can get a good property at a cheaper price.\u201d<\/p> \n

Luckily for Yong, COVID-19 hasn\u2019t impacted his finances. \u201cIf anything happens in the market – whether prices go up or down, it doesn\u2019t really matter to me because I\u2019m looking for a place to stay, and I had already fixed a budget<\/strong>. But I\u2019m looking now in particular because of the reduced prices,\u201d he said. <\/p> \n

\"\"
Trini admits that looking for a property, especially when you have a lot of requirements is not an easy process. (Image source: Trini)<\/em><\/p> \n

Yong\u2019s sentiment was shared by Trini Ng, 31, who also believes COVID-19 has presented a rare opportunity to secure a bargain in the market. She is currently looking for her second, and permanent property to reside in after years of renting. <\/p> \n

\u201cFor me, the problem with renting is all the hassle that comes with moving in and out. Plus, you don\u2019t have a place to call your own. The amount that I pay for rent right now is as good as paying to the bank. At this point in time, I think it\u2019s the right thing to do, especially now that property prices are on the decline<\/strong>,\u201d said Ng, who currently works at a Malaysian conglomerate. <\/p> \n

She had initially intended to live in her first property purchase, but decided against it when she couldn\u2019t secure a property at the right location and budget, a lesson she\u2019s taken with her into her latest property hunt. <\/p> \n

\u201cThe first lesson I can share is to set your objective right<\/strong>. At first I wanted to buy a place for my own, but a twist of events had changed this, and I ended up buying for an investment instead. The lesson here is to follow through with your plans<\/strong> and don\u2019t get distracted<\/strong>,\u201d she said. <\/p> \n

\u201cI also learned that having more than enough cash is very important<\/strong>. Before I purchased my first house, I thought I needed only a 10% down payment, but it turned out to be way higher than that, especially after adding all the other fees. If you want to buy a sub sale unit, make sure you have a lot more savings than you actually have<\/strong>. If you don\u2019t have enough money just consider getting a cheaper unit or wait until you have more savings,\u201d she added.   <\/p> \n

Now, backed with more experience, she\u2019s more aggressive in her approach, casting her net wider than before including searching and researching for both subsale and new properties.  <\/p> \n

Trini hopes to find a place near her workplace in order to save up on transportation and toll. \u201cOther factors I\u2019m considering is the environment, security of the place, the size of the house, and the price range must be within RM300,000.\u201d <\/p> \n

Similarly to Yong, the COVID-19 pandemic hasn\u2019t negatively affected Trini\u2019s finances or her home searching process, instead, she said, it\u2019s managed to elevate her search and may even bring her one step closer to getting a place of her own.<\/p> \n

\u201cIt\u2019s done the opposite for me – I\u2019ve noticed houses that used to be so pricey gone down a lot and this convinced me that now is the right time to buy a house, particularly before it goes up again. But this is just based on my research on Mudah.my over the past few months,\u201d she said. <\/p> \n

Like many others in the market right now, she\u2019s facing a serious dilemma of either wanting to buy now or to wait for a higher drop. \u201cPeople who are very keen might be tempted to buy right away, but there\u2019s always that fear of missing out if prices drop further,\u201d she said.<\/p> \n

So, should you get a new property in this current market<\/strong>? The short answer is yes<\/strong>, but with several caveats<\/strong>.<\/p> \n

For many of us, buying a home for stay or investment is one of the most crucial financial decisions we\u2019ll ever make in our lifetime. So before splashing on such a big ticket item, consider these factors first, especially in this COVID-19-inflicted economy. <\/p> \n

What Should You Consider Before Getting A Property In Malaysia? <\/h2> \n

To ensure an effective investment and strong returns in the long run, here\u2019s a list of things to tick off when hunting down for your dream home, so that you can finally go on that long sought after holiday or securing your future retirement plans. <\/p> \n

    \n
  • First things first, set proper financial goals. <\/li> \n
  • Don\u2019t dive deep into the property market without a plan. Know what you want, and find out where, and how to get it. <\/li> \n
  • Don\u2019t sit on your plans. Apply for a loan, get a banker, lawyer etc. Act quick or your dream home might be sold.  <\/li> \n
  • But don\u2019t rush into your plans either. Make informed choices, one where all options and financial and non-financial factors are considered.<\/li> \n
  • Work with a trusted real estate agent or company.<\/li> \n
  • Be informed and do a reasonable amount of research<\/li> \n
  • Cash is king, so make sure your cash flow is solid<\/li> \n
  • Finally, understand why you\u2019re getting a house. What is it for? <\/li> \n<\/ul> \n

    If you\u2019ve managed to tick all pointers off this list, then congratulations, you\u2019re on your way to securing a property. But as always with anything in life, enter with caution. We wish you all the best in your property hunting journey!<\/p> \n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    The impact of COVID-19 and MCO has affected the property market Malaysia. It is expected that the prices will drop or decline in these few months, but should you take advantage of this price drop and buy a new property? Read what the experts have to say.<\/p>\n","protected":false},"author":268230141,"featured_media":2008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[428],"tags":[],"class_list":["post-17536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-properties"],"yoast_head":"\n#NewNormal: Should You Buy A New Property After COVID-19? 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