Penang's Secondary Property Market To Remain Resilient

Penang's Secondary Property Market To Remain Resilient

"GEORGE TOWN, April 1 (Bernama) -- Penang's secondary property market transaction volume is expected to remain resilient with the implementation of the Goods and Services Tax (GST).

Malaysian Institute of Estate Agents (MIEA) Penang branch Chairman Mark Saw said the GST would have a minimal impact on the secondary property market, driven by high demand especially for residential properties.

He said as long as there was population growth, the demand for properties would always be there.

""There won't be too much impact from GST in property, and in fact I believe by August, GST will be fully understood by all,"" he told reporters after introducing the MIEA Youth Penang Branch here today.

He said the demand for properties in the secondary market would likely rise due to the expensive newly-launched properties.

He explained that only new house prices, even with GST exemption, would increase slightly by three to five per cent due to the GST on building materials.

However, he said the upcoming Malaysian Secondary Property Exhibition (MASPEX) Penang 2015 from Aug 13-16 at Penang Queensbay Mall would offer buyers a wider choice of secondary properties not only in Penang but also in Johor Baharu and Kuala Lumpur.

He said the four-day exhibition would showcase affordable properties ranging from RM400,000 to RM1.2 million.

""There will be over 35 booths to exhibit various residential properties including landed, condominiums, apartments, flat and also commercial properties from the three cities,"" he added.

He said the exhibition was expected to attract 50,000 visitors as it would be held in a shopping mall."

Source: Mysinchew

 Goods and Services Tax (GST), Property market

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