by AZALEA AZUAR / pic by TMR FILE
THERE has been an increase in demand for bigger properties with home office-space requirements as well as sustainable living and greenery, according to PropertyGuru Malaysia and iProperty.com country manager Shylendra AS Nathan (picture).
“The demand in this post-Covid environment is changing. In the past, everyone wanted to stay and commute closer to where they work, which is generally the city right in Klang valley.
“Now with this hybrid implementation that the companies are going towards, purchases are beginning to now look for bigger properties that are more cost effective outside of the city,” he told reporters after “Addressing Common Property Research Issue” Media Roundtable event today.
However, this is clearer from a consumer perspective instead of a commercial one, so they just have to see how it develops over time.
Moreover, Shylendra also explained that consumers are cautious with the economic situation right now as they are still grappling with the post-pandemic situation as well as the rising inflation rates.
“I think there needs to be some recovery as well and some stability in the economy so that consumers’ confidence returns and they start to open up their wallet to purchase,” he added.
During the session, iProperty has uncovered the most common issues consumers have encountered when researching for buying and selling properties.
One of the most common issues involves the current asking price where it has resulted in concerns of overspending or underselling a particular property, making consumers less likely to follow through with their purchasing or selling decisions.
On the other hand, choosing the right location to buy a property is another issue when it comes to research as they are unable to find a suitable neighbourhood within a reasonable amount of time.
As a result, homebuyers are unable to buy a property which suits their budget.
Home sellers find challenges in selling at a suitable time in order to gain optimal profits while property sales also depend on similar asking prices within the same area.
If they are unable to set a suitable asking price, sellers would reduce their chances of selling a property.
Shylendra believed that property price is a very important part in decision making, especially price per square feet.
Meanwhile, iProperty product (Malaysia) director Shah Suriye Rubhen also explained that another challenge in the property market is that there is no single source of information to transact.
Previously, an everyday Malaysian needed to access grades first, to look at the transaction data and then compare it with the listing data, looking for an appropriate or conduct mine.
Sub sales has the most transaction data that iProperty has collected and they update them on a monthly basis to provide users with the most recent data available which is easy to access.
Shah Suriye believes that transparency is important to buyers and sellers and making transaction data available on sub sales to them is one way to boost their confidence in decision-making.
However, there is still not much information on rental and iProperty is working on making it accessible to its consumers as the market is hungry for this information.
“However, you have to remember that official data on rental is not available and it is not publicly shared.
“So, what we will need to do if we want to provide a database like this is to use our existing database of listings, to curate rental prices and give you some sort of range, which is already very helpful,” he explained.
In order to bolster its consumer’s research process and assist them in making informed decisions when buying or selling properties, iProperty has launched its “iProperty Transactions Section.”
It provides the latest accurate transaction data for Malaysia’s sub sale residential, commercial, industrial and agricultural properties which is powered by brickz.my.
Consumers can also check out a property’s latest 12-month transaction data — where the data can be filtered down by its built-up size, property type, median price, median price per sq ft and property tenure.
The section also enables them to obtain more macro insights where they can search for transaction data of a certain property type in their state or area of choice as well as view property listings for sale and rent, making it easy for them to read property descriptions, check transaction data and consider the available properties on one platform.
Shylendra also revealed that the iProperty Transactions Section helps consumers to view actual property transacted data that may be previously inaccessible, outdated or difficult to obtain.
“More importantly, these data points are available on one convenient platform, allowing consumers to conduct property research quickly and effectively,” he added.