Start investing in property this year: Portal

Confidence in the local property scene is high with strong purchasing intention at 85.3 per cent over the next 12 months, according to top property website, iProperty.com.

In its survey, the website said that 29.5 per cent of Malaysians were still looking for their first purchase and 36 per cent had owned at least two properties.

"Despite the 2009 economic downturn, Malaysians believe 2010 will be a good year to start investing again. Our survey shows that we will see a steady increase in property purchases," its executive chairman, Patrick Grove said in a statement in Kuala Lumpur, today.

As for preference, iProperty.com said landed properties, especially those completed remained the first choice at 53.5 per cent, followed by ready-made condominiums at 44 per cent.
It said 83.3 per cent agreed that location remained the most important criteria, followed closely by price at 73.7 per cent, while 48.6 per cent were aiming for potential capital appreciation with 35.5 per cent regarding the trust in developers and brands as a top concern too.

With the confidence that the property market would bottom out soon, iProperty.com said that 35.2 per cent of Malaysians with an annual household income of over RM300,000, would snap up properties.

It added that 83.7 per cent of them would go especially for properties at between RM300,000 and RM500,000 and for which prices were falling.

Bernama