Real Estate Recovery: Over 55% of Malaysia’s Adults Fully-Vaccinated

According to the Covid-19 Vaccine Supply Access Guarantee Special Committee (JKJAV), over 55.6 per cent, or 13,022,246 individuals, have completed both doses of the Covid-19 vaccination as of yesterday.

With the new SOP implementations for fully vaccinated individuals and the reopening of business sectors, the economy has slowly recovered and will soon be open to usual transactions.

Meanwhile, several states in Malaysia; Sarawak, and Labuan have reach herd immunity and other states are not too far off. On top of that, the initiative of providing vaccines to those who haven’t received their vaccination dates will aid in reaching herd immunity faster.

 

Is it good news for real estate?

Frankly, yes. The real estate industry has slowly recovered after the withdrawal due to the pandemic last year. But, with the vaccination rollout, business sectors are allowed to reopen. Hence, consumers and homebuyers can look to viewing homes on ground.

Even though so, the use of digital and online sales has been helping the real estate industry via sales. According to the latest survey by Juwai IQI, consumers are still keen on buying real estate. Furthermore, the research expects house prices in Malaysia to surge within the next 12 months.

 

How is the local real estate industry currently?

Currently, the real estate industry provides an investment haven for individuals. Plus, there are plenty of initiatives from the government to support first-time homebuyers. Such as exempted stamp duties and subsidies from the House Ownership Campaign (HOC).

In addition, the Central Bank of Malaysia (BNM) has announced a lower Overnight Policy Rate (OPR). This also provides homebuyers the opportunity to pay less when they purchase a home.

Meanwhile for foreigners, the Malaysia My Second Home (MM2H) is to be reinitiated to invite foreign investors to purchase a home in Malaysia.

There are more properties in the plan for Malaysia. A report from the National Property Information Centre (NAPIC) stated for Q2 2021, there will be 15,181 units to be built.


 

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