July 27, 2014
Last year, during the The Star property fair in Penang there were around 39 developers / exhibitors participating. Actually, in terms of numbers this has gone down. I remembered the last one that I went, there were easily 50 over booths including my former company which had a prominent one too. Perhaps this reflects the current slowdown status for the property market. It may also be because there has been a property fair, be it small or big by the many organisers and even other newspapers. Many developers also love to pay the few hundred Ringgit for a desk and two chairs in Tesco / Giant and have staffs there for the whole day distributing leaflets.
OR, is this also caused by the many Online sites? For example, propertyguru.com.my, property.com.my or even Penang specialised sites such as penangpropertytalk.com and apartment-penang.com? If you were to refer to some stats available, these sites have a huge following and it is already extremely updated. There were even listings for property developments which has not been launched yet! 🙂 Yes, I am serious. Amidst all these, there are also the many property buyers’ clubs mushrooming as well as the many seminars / workshops which are also attracting participants in the hundreds?
The market is really alive. Look at the above examples. It has yet to include the many property blogs, be they independent ones or with lots of advertisements in the blogs. These days, everyone I know talks about property but do not worry, majority of those talking to me either owns one or owns none. Very few owns more than one. I think the major reason for this is due to the current bearish sentiment. Everyone is a little worried about the sustainability of the property market, some even believe that the market is due for a big correction. I think there are really some overpriced properties, so just be careful and not buy because everyone of your friends are buying.
In actual transaction numbers, the property market is slowing down. In terms of share market, it is getting a little pricey when compared to the region. In terms of your Fixed Deposit Rate, it has adjusted a little higher. In terms of unemployment rate, it is at 2.8%. Sorry, I can’t make the decision for you. First thing to do? Since The Star property fair is happening in Penang this weekend, do visit and take a look. Happy investing.
written on 26 July 2014
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