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December brings out the opportunity for property experts to delve into their Christmas stockings and bring out a crystal ball to predict what some of the key trends for the pending 12 months may be.
Whilst uncertainty remains over weather commercial tenant demand will bounce back or if shoppers will start buying anything other than groceries again, one thing that is certain is that the continued emergence of Asian capital into all commercial property markets across our major capital cities.
DEVELOPERS with substantial exposure to the Iskandar Malaysia region are expected to be the "worst hit" by recent property measures, as heftier taxes would deter short-term foreign purchasers who also account for a significant portion of residential sales in some areas, a research house has said.
At the same time, overseas developers are expected to be more cautious about land transactions as more punitive taxes could lead to higher landholding costs, said RHB Research.
CBRE data indicates that foreign buyers account for 54 per cent of total high-rise residential sales (by developers) in Nusajaya, and 39 per cent in Johor Baru and major suburbs.
Malaysia is seeing the spillover from Singapore’s four-year property boom and its subsequent efforts to cool the market. Prices of homes at Horizon Hills, where Metcalf now lives, have jumped almost threefold over the past five years amid a flurry of foreign buying, according to data from property broker Knight Frank LLP.
Now Malaysia is taking steps to prevent its own real estate inflation from emerging and appeasing locals who say they can no longer afford to own a home. In last month’s budget, Prime Minister Najib Razak doubled the minimum amount foreigners must spend on property and raised the capital gains tax to 30 percent on homes they sell within five years. The local governments of southern Johor state, where Iskandar is based, and Penang to the north, are considering additional tariffs on overseas buyers.
