The real estate sector has been passing through a tough time as apartment sales have declined significantly this year like the previous year. The sector's sales fell as much as 60 percent in 2013 and the situation is not any better now as a significant number of ready-flats also remain unsold this year despite stable political environment.
The real estate sector has been passing through a tough time as apartment sales have declined significantly this year like the previous year. The sector's sales fell as much as 60 percent in 2013 and the situation is not any better now as a significant number of ready-flats also remain unsold this year despite stable political environment.
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The construction sector is expected to remain attractive next year amid a weaker domestic currency due to lower demand for commodities and the general public apprehension over the goods and services tax (GST).
Malaysia Building Society Bhd president and CEO Datuk Ahmad Zaini Osman said he expected the property market to remain sustainable, with the demand not much affected, even upon GST implementation in April next year. Despite possible slight oversupply of properties in certain areas, he said the government had already put a freeze on new projects in certain areas to neutralise the demand.The construction industry reported the strongest growth across sectors in the first six months of 2014, registering 14.3%.
Real estate development, or property development is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others. Developers are the coordinators of the activities, converting ideas on paper into real property. Real estate development is different from construction, although many developers also construct.
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