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November 22, 2009 -Sunday |
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EARLY SIGNS: RPGT IMPACTS MARKET CONFIDENCE
Tuesday 03/11/2009
KUALA LUMPUR, Tuesday 3 November 2009.
Thinkproperty.my has been carrying out an on-going survey, since May 2008, through its website. Over 2,400 participants have responded to the survey. The survey provides a snapshot of the current status of the property market and gives insights into trends.
Findings of Survey
In October 2009, the thinkproperty.my Property Outlook Index rose from 49% at the beginning of the month to its all time high of 68% on the day before the re-introduction of RPGT was announced. After the RPGT announcement it fell finishing on 56% at the end of the month.
The survey asked participants their opinion on the outlook for the Malaysian property market over the next 12 months. The index takes the number of participants that believe prices would rise, subtracts the number of participants that believe prices would fall, and then divides this figure by the total number of participants, and calculates this on a rolling 30-day basis.
Asim Qureshi, Chief Executive Officer of Thinkproperty.my, commented “The surprising re-introduction of Real Property Gains Tax announced on the 23rd October 2009 seems to have affected market confidence, the true extent of which we will only know next month. We do not have a lot of post budget data for October, and so we will get a much better idea of the effect on confidence next month when we also have November’s figures. We may just be seeing a knee-jerk reaction as it did catch the market by surprise, and it was not helped by the fact that there were various false rumours that the cap on the tax was 30%, not a straight 5% tax as it actually is. Feedback that we are getting from both property agents and developers indicate that there will be some impact as it will discourage buyers from buying and, for sub-sale properties, sellers from selling, but given the tax is only 5% the impact will not be significant.”
The Favoured Investment Evolution Chart below was compiled by asking participants which investment they believe would be the best investment to make at present (without stating a time frame). The height of each of the shaded regions shows the percentage of participants that thought the respective investment type was the best investment, calculated on a 30-day rolling basis.
The chart shows fixed deposits continuing to fall out of favour, with only 3% of participants preferring them to property and equities. Property remained the most favoured investment, rising to 72% from 69% last month, with equities also rising from 23% to 24%.
The Favoured Property Type Evolution Chart below has been calculated in a similar way to the Favoured Investment Evolution Chart. Participants were asked which property type they believed would appreciate the most over the next 12 months.
About thinkproperty.my
Thinkproperty.my is Malaysia No.1 Free property website, owned by Think Media Sdn Bhd. Launched in October 2007, it is Malaysia’s only Web 2.0 property website. The website has over 20,000 members, and a rapidly growing database of over 70,000 quality property listings.
About Asim Qureshi
Asim Qureshi is the Chief Executive Officer and co-founder of Thinkproperty.my. He is a former Vice President of Credit Suisse, where he was Head of Commercial Mortgage Backed Securities Research, based in their European headquarters, in London. He is a physics graduate from the University of Oxford.
SOURCE : Thinkproperty.my
FOR MORE INFORMATION CONTACT:
NAME : ELLA MURAD
TEL : +6 03 7713 5164
FAX : +6 03 7713 5163
EMAIL : ella@thinkproperty.my
FOR MARKETING QUERIES, PLEASE CONTACT:
NAME : EDDIE CHEN
TEL : +6 03 7713 5154
FAX : +6 03 7713 5163
EMAIL : eddie@thinkproperty.my
DATE OF RELEASE: 3 NOVEMBER 2009
RELEASED BY BERNAMA MEDIA RELATIONS & EVENT MANAGEMENT
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