Global PropTech group Juwai IQI believes that the housing market will experience sustained activity maintained by growing demand in light of the recent overnight policy rate (OPR) increase by Bank Negara Malaysia (BNM)
Juwai IQI co-founder and CEO Kashif Ansari is optimistic that the real estate market can absorb this increase due to positive market indicators occurring over the past three quarters.
The 3% OPR rise will influence homebuyers’ decision making as a 0.25% increase in interest rate incurs an extra RM124 per month.
However, Kashif added that “…the higher mortgage is offset by improved household financial circumstances among many families.
““How this affects the typical homebuyer will depend on their circumstances.”
Developers are expected to decrease planned projects and construction as borrowing costs grow larger.
““In 2022, construction started on 98,000 landed and high-rise residential units. By the end of the year, just over 89,000 units were in the pipeline for future construction,” said Kashif.
Read more below:
Malay Mail
Free Malaysia Today
EdgeProp
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