KUALA LUMPUR, Oct 13 — The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS) is calling for all stakeholders to work closely and provide suggestions, ideas and proposals to reform, rejuvenate and revive the country's real estate industry.
PEPS president Michael Kong Kok Kee said as the industry has not been spared from the negative impact of Covid-19, the real estate market will face an immense challenge going forward unless players have the courage to address the pain points in an honest manner.
"The key to reinvigorate the real estate market lies, we believe, in good government policies, strategies, and plans.
"We urge the government to listen to the relevant industry stakeholders and work with industry experts to rectify issues in the property market," he said in his opening remarks at the 13th Malaysian Property Summit here today, which was also broadcast live via Zoom.
Citing the National Property Information Centre (Napic) data, he said there was a steep year-on-year fall in property transactions in the first half (H1) of 2020 compared to H1 2019.
Transaction volume for H1 2020 dived 27.9 per cent to 115,476 from 160,165 in H1 2019, while transaction value declined 31.5 per cent to RM46.94 billion from RM68.53 billion previously.
Kong said as the real estate market and development is a major contributor to the economy and involves a long chain of supply and services, any major disruption to the property market would cause tremendous economic stress to many suppliers, contractors and service providers.
“The built environment is also an important aspect of the social well-being of a nation in terms of housing, working, leisure and recreation. Thus, it is akin to the skeletal frame of a nation. It should be strong and sturdy and able to withstand pressure,” he said.
— Bernama
