Since the Movement Control Order (MCO) which was imposed earlier this week, Malaysia Real Estate Agents fear that COVID-19 will worsen the business alongside existing issues associated with a soft market.
According to Free Malaysia Today (FMT), inquiry calls have dropped sharply since the COVID-19 outbreak hit the headlines. Real Estate Agents also mentioned that there haven’t been any requests for property viewings, either for rent or purchase.
Solutions to Soften the Blow
Ohmyhome’s Real Estate Negotiator, Vince Lai, shares his views on how the government can assist the real estate business in desperate times.
He said, the government can do the following to assist the real estate sector:
- Provide an exemption for stamp duty on a property purchase in 2020.
- A six-month moratorium for existing house mortgages has been granted. Perhaps, they can implement something similar for new property purchases as well, i.e. no loan repayment for the first six months to help with buyer’s cash flow.
How Ohmyhome Manages this Situation
According to Ohmyhome’s Real Estate Negotiator Eric Cheah, it is quite impossible to schedule property viewings, even though there are still requests. There are roadblocks everywhere and people are not allowed to be further than 10km from their houses or else a summon will be issued. He said, “Our Customer Service Team has arranged and informed prospect buyers about viewing appointments after the MCO ends.”
He also added that this may be a good time to purchase properties as prices are decreasing. Those who are looking to invest will most likely buy properties which are already tenanted so they do not need to find their own tenant.
Statistics by the National Property Information Centre show that 31,092 houses were unsold as of last September. The aggregated values of these units have dropped from RM19.54 billion in 2018 to RM18.8 billion in 2019.
Source: Free Malaysia Today
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