KUALA LUMPUR: The outlook for the property market this year is expected to remain promising yet cautious due rising oil prices, the possible increase of inflation rates and growing concerns in financial markets worldwide.“The government’s move to allow EPF contributors to make monthly withdrawals from the balance in Account 2 for the financing of one house (effective 1 Jan, 2008) as well as the establishment of one-stop-centres (OSC) are expected to give a positive effect,” said Datuk Abdullah Thalith Md Thani, directorgeneral of the Valuation and Property Services Department, Ministry of Finance. Abdullah was presenting an overview of the Malaysian property market at the 1st Malaysian Property Summit 2008 organised by the Association of Valuers & Property Consultants in Private Practice Malaysia (PEPS) yesterday.Other topics presented at the conference included the performance of Malaysian real estate investment trusts (REITS) and the high-end condominium market for 2007 and their outlook for 2008.On Malaysian REITS, chartered surveyor Datuk Mani Usilappan said the market is expected to be aggressive in acquisitions this year, with additional injections of assets.
(The Sun 28-2-2008)
