Post on 26-Feb-2022
After 16 months of navigating a pandemic-disrupted market, it is clear that
the prolonged COVID-19 situation has had a direct impact on property
transactions. A turnaround for the current environment of depressed prices
can only be expected in tandem with reduced infection rates and removed
Movement Control Order (MCO) restrictions.
A point of consolation, however, is that house prices may have already
plateaued at its lowest point, given that existing building costs allow very
little room for further drastic dips. Illustrating this, the PropertyGuru
Malaysia Property Market Index (MPMI) found that the Property Asking
Price Index saw no quarterly change between the first quarter of 2021 (Q1
2021) and Q2 2021, holding steady at 87.86 points.
Regionally, key markets such as Kuala Lumpur, Selangor and Penang
recorded positive quarter-on-quarter (QoQ) growth in asking prices, while
Johor witnessed a marginal dip. Overall supply continued to increase across
the country, recording a year-on-year (YoY) spike of 34.53%, likely driven
by an increase of homes being put up for sale in the secondary market
under the current economic climate.
The introduction of a six-month moratorium on loans – the second of its
kind since the pandemic began – is expected to bring some measure of
relief to individuals, and stability to the market. In addition, the extension
of the Home Ownership Campaign (HOC) incentives until 31st December
2021 will keep demand alive among financially-sound home seekers and
savvy investors.
Executive Summary
87.86 (No change QoQ)
Q3 2021 Price Index
405.02 (Up 11.94% QoQ)
Q3 2021 Supply Index=
PropertyGuru Malaysia Property Market Index Q3 2021
Content
1 Get The Guru View
2 Price Index Overview
3 Supply Index Overview
4 Region Analysis
5
6
What does this mean
for buyers?
7
What to look out for in
the quarter?
About This Report &
Methodology
PropertyGuru Malaysia Property Market Index Q3 2021
Prices stabilising at current level
The PropertyGuru Malaysia Property Asking Price
Index saw no quarterly change between Q1 2021
and Q2 2021, holding at 87.86 points, indicating
that prices are stabilising at the current low.
Most markets recorded price growth
Key markets such as Kuala Lumpur, Selangor,
and Penang recorded positive QoQ growth of
between 0.95% to 1.56% in asking prices, while
Johor witnessed a marginal dip of 0.15%.
Supply still on the rise
The PropertyGuru Malaysia Property Supply
Index continued to grow strongly with a YoY
spike of 34.53%, which is likely to be driven
by an increase of homes being put up for
sale in the secondary market.
Delayed recovery expected
In light of the new wave of COVID-19 infections
and the reinstatement of strict movement
restrictions, market recovery is likely to be
pushed forward to next year when
improvements are expected on both the COVID-
19 and economic front.
Plenty of buying opportunities
Cash-rich buyers and savvy investors will be
keen to capitalise on the current climate of
low prices and low interest rates to swoop in
on prime property opportunities.
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Price Index Overview
87.8
6
87.8
6
Base index: 100 | Units on y-axis are in index points | Source: PropertyGuru
In three of the four key markets
covered by the MPMI, positive
growth was observed for asking
prices in the second quarter of the
year, indicating some form of price
stabilisation for Kuala Lumpur,
Selangor and Penang. Asking prices
moved upwards by 1.56% QoQ in
KL, 1.18% QoQ in Selangor, and
0.95% QoQ in Penang. Johor was
the only state that registered
negative growth, dipping slightly
by 0.15% QoQ in Q2 2021.
The PropertyGuru Malaysia
Property Asking Price Index, which
tracks the asking prices of primary
and secondary property markets
on a quarterly basis, stood at 87.86
points in Q2 2021, unchanged from
Q1 2021. However, the Price Index
registered a YoY drop of 2.16%
compared against Q2 2020.
YoY: -2.16%QoQ: 0%
Asking Price Change
=
PropertyGuru Malaysia Property Market Index Q3 2021
The onset of COVID-19 cases and
the implementation of lockdowns
and movement restrictions has
affected many industries, and the
property sector is no exception.
While certain sectors of the market
initially showed some measure of
resilience, the prolonged restricted
environment, growing economic
hardship, and weak consumer
sentiment have contributed to
sustained downward pressure on
property asking prices since the
outbreak of COVID-19 in Q1 2020.
Looking ahead, any significant
signs of recovery can only be
expected once COVID-19
vaccinations pick up pace, and the
nation is better positioned to
achieve herd immunity, resulting in
a more liberal economic
environment. Of rising concern is
the fact that infection rates are still
on the rise in most states, including
the four key regions covered by the
MPMI, and there continues to be
uncertainty surrounding the new
Delta variant of the virus.
As such, the outlook on the property
sector is expected to be gloomy for
the remainder of the year, as hopes
for a recovery have been dampened
by a fresh wave of lockdowns and a
National Recovery Plan that
suggests improvements can only be
realistically expected by the end of
the year. Meanwhile, government
initiatives such as the HOC extension
and six-month moratorium on loan
repayments will aid in softening the
blow.
Price Index Overview (cont'd)
1 Kuala Lumpur 93.22 1.56% -2.26%
2 Selangor 95.10 1.18% 0.98%
3 Penang 94.38 0.95% -0.77%
4 Johor 93.26 -0.15% -5.22%
State Price Index QoQ YoY
PropertyGuru Malaysia Property Market Index Q3 2021
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Supply Index Overview
361.81
Base index: 100 | Units on y-axis are in index points | Source: PropertyGuru
40
5.0
2
Tracking the volume of new supply
in the market via PropertyGuru’s
extensive listings, the PropertyGuru
Malaysia Property Supply Index
recorded a spike of 34.53% YoY in
Q2 2021, representing the largest
volume growth since Q2 2021. The
Supply Index also captured a
11.94% QoQ growth during this
period.
YoY: 34.53%QoQ: 11.94%
Supply Change
From a regional perspective, all
four key markets registered
positive quarterly and annual
growth, with Selangor leading the
pack, recording an increase of
16.67% QoQ and 48.95% YoY.
Meanwhile, Kuala Lumpur recorded
a 11.62% QoQ and 16.91% YoY
growth, Penang moved up by
3.88% QoQ and 40.32% YoY, while
Johor saw an increase of 3.34%
QoQ and 17.47% YoY.
PropertyGuru Malaysia Property Market Index Q3 2021
While the numbers suggest a robust supply growth, it is also
important to note that much of the incoming supply is also due to
more homeowners putting their properties on the market to
generate better cashflow in this harsh economic climate. In this
scenario, an influx of properties for sale could further adversely
impact asking prices in the secondary market, going forward.
The recent implementation of a total lockdown in June 2021 under
the Full Movement Control Order (FMCO), and the potential of
extended restrictions, will likely affect the overall supply in the
coming quarter. At the start of the year, the number of newly
launched residential units had already dropped significantly from
14,865 units in Q4 2020 to 5,919 units in Q1 2021, according to the
National Property Information Centre (NAPIC).
Despite this, the country is still coping with a significant overhang of
unsold, completed property units in the market, which is a situation
that is not expected to be resolved any time in the near future. The
latest data from NAPIC indicates that there are currently 27,468
units of residential overhang in Q1 2021, not including SoHos and
serviced apartments that fall under the commercial classification.
Coupled with the 25,439 overhang units of SoHos and serviced
apartments, the overhang totaled at 52,907 units as at Q1 2021, one
of the highest levels since 2016.
Supply Index Overview (cont'd)
PropertyGuru Malaysia Property Market Index Q3 2021
According to Bank Negara Malaysia, the six-month
moratorium period is applicable to all individuals,
micro-enterprises and small-and-medium
enterprises (SMEs) from 7th July this year, under
the National People’s Well-Being and Economic
Recovery Package (PEMULIH). During this period,
bank customers do not need to make instalment
payments for loans, and there will be no
compounded interest and penalty charges during
this time. Borrowers will need to contact their
respective banks to opt-in for this plan, however,
they will not be required to provide supporting
documentation.
Six-Month Moratorium
Explained
PropertyGuru Malaysia Property Market Index Q3 2021
Regional Analysis
Kuala Lumpur: Back in positive territory
QoQ: 1.56% YoY: -2.26%
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PRICE INDEX Base index: 100 | Units on y-axis are in index points | Source: PropertyGuru
After witnessing price contractions in
the last four consecutive quarters, the
median asking price in Kuala Lumpur
rebounded with a 1.56% QoQ gain in
Q2 2021. This would indicate that
asking prices in the capital district
could stabilise at this current point,
before moving in tandem with the
situation over the next few months.
Overall, however, asking prices are
down by 2.26% YoY, continuing a
downtrend which began in Q4 2017,
following an overheated market
period.
There were also gains on the supply
front, which grew by 11.62% QoQ and
16.91% YoY in Q2 2021. This is
significantly higher than the 0.52%
QoQ and 2.03% YoY growth captured
in the previous quarter.
Areas within the KL district that are
currently witnessing increased
popularity and rising median asking
prices on a QoQ-basis include Jalan
Ampang in KL City (+9.55%), Kenny
Hills in Bukit Tunku (+6.60%) and
Happy Garden in Kuchai Lama
(+5.50%).
1Jalan Ampang (KL
City)9.55%
2Kenny Hills (Bukit
Tunku)6.60%
3Happy Garden
(Kuchai Lama)5.50%
NoKuala Lumpur
Area
QoQ
Change
PropertyGuru Malaysia Property Market Index Q3 2021
Region Analysis (cont'd)
PropertyGuru Malaysia Property Market Index Q3 2021
In Jalan Ampang, the median asking price growth seems to be driven by
new high-rise residential projects, such as Agile Embassy Garden, Latitud8,
and The Atrium. Meanwhile in the upmarket vicinity of Kenny Hills,
previous quarters of downward asking price movement are now enticing
luxury homebuyers to snap up property gems at attractive prices. In
Kuchai Lama, new launches like Residensi Far East, M Oscar, and 216
Residences are attracting young professionals who are looking to reside
in an established area situated in close proximity to the KL City Centre.
By contrast, areas that registered the sharpest QoQ drop in asking prices
include KL City Centre (-6.86%), Taman Setapak (-6.30%), and Jalan Kiara
in Mont Kiara (-3.04%). The lower asking prices in KLCC and Mont Kiara is
attributable to the current low buyer appetite environment due to the
pandemic and lockdown, especially foreign buyers. Despite being a
strategically positioned neighbourhood, a large surplus of high-rise
residential options in KL City and Mont Kiara has created a competitive
environment that is likely to be suppressing prices.
1 KLCC (KL City) -6.86%
2 Taman Setapak (Setapak) -6.30%
3 Jalan Kiara (Mont Kiara) -3.04%
No Kuala Lumpur Area QoQ Change
Selangor: Maintaining growth momentum
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QoQ: 1.18% YoY: 0.98%
Region Analysis (cont'd)
PRICE INDEX Base index: 100 | Units on y-axis are in index points | Source: PropertyGuru
Selangor continues to put in a strong
performance amidst the turbulence
of a pandemic-affected market. In
Q2 2021, asking prices grew by 1.18%
QoQ and 0.98% YoY, which is an
improvement from the 0.01% QoQ
and 0.85% YoY growth recorded in
the last quarter.
The state also recorded the highest
supply growth among the four key
markets, moving upwards by 16.67%
QoQ and 48.95% YoY. In fact, the YoY
growth registered in Q2 2021 is the
highest growth in supply it has
recorded since Q4 2017.
New properties coming into play in
the populous Selangor landscape
have helped sustain buyer interest
over the last few quarters, albeit at a
much-reduced transactional rate, and
high demand has kept asking prices
in positive territory for most of this
period. Areas that have recorded
decent median asking price growth in
Q2 2021 include USJ Heights in Subang
Jaya (+11.39% QoQ), Balakong in
Kajang (+11.00% QoQ) and Jenjarom
(+8.28% QoQ).
1USJ Heights
(Subang Jaya)11.39%
2 Balakong (Kajang) 11.00%
3Jenjarom (Kuala
Langat)8.28%
No Selangor AreaQoQ
Change
PropertyGuru Malaysia Property Market Index Q3 2021
In USJ Heights, landed properties in both the primary and secondary market are
gaining attention after downward price adjustments late last year and earlier
this year, and fresh demand for attractively-priced spacious homes is now
propping prices back upwards. In Balakong, new condos and terraces leveraging
on its proximity to amenities such as the MRT stations and shopping malls are
injecting vibrancy to the market. In Jenjarom, the ongoing urbanisation of the
landscape with township development such as Bandar Saujana Putra, is
compelling home seekers to upgrade their lifestyle with fresh property offerings,
including affordable high-rise options that are now made available.
However, some of the more-established neighbourhoods where there are
predominantly landed homes with expensive price tags in Selangor are feeling
increased downward pressure on asking prices in the current climate. Among the
areas that saw the largest QoQ drop in Q2 2021 are SS2 in Petaling Jaya (-10.51%),
Subang Heights (-9.55%), and Country Heights in Kajang (-4.59%).
Region Analysis (cont'd)
1 SS2 (Petaling Jaya) -10.51%
2 Subang Heights (Subang Jaya) -9.55%
3 Country Heights (Kajang) -4.59%
No Selangor Area QoQ Change
PropertyGuru Malaysia Property Market Index Q3 2021
Penang: Picking up the pace
QoQ: 0.95% YoY: -0.77%
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Penang’s long run of gradual
quarterly price contractions came to
an end in Q2 2021, registering an
upward tick of 0.95% QoQ in asking
prices for the first time since Q4 2018.
From a yearly perspective, however,
Penang continued its downward trend
by registering a slight dip of 0.77%
YoY, which is an improvement from
the 1.87% YoY contraction it
experienced in Q1 2021.
On the supply side, Penang saw its
supply index rise by 3.88% QoQ and
40.32% YoY, of which the yearly
growth in supply volume marks the
highest growth the state has recorded
since Q4 2017.
The growth in supply is attributable
to the spike in residential overhang in
the state. According to NAPIC, Penang
has the second highest volume of
residential overhang among the four
key regions in the country with 4,477
units in Q1 2021, about 116.39% higher
than the 2,069 units recorded in Q4
2020.
Despite this, popular property locales
on the island have been attracting
buyer interest. Areas that witnessed
the most significant upward
movement of QoQ asking prices are
Paya Terubong (+5.26%) and Batu
Uban in Timor Laut (+2.81%), as well
as Seri Tanjung Pinang in Georgetown
(+4.12%).
PRICE INDEX Base index: 100 | Units on y-axis are in index points | Source: PropertyGuru
Region Analysis (cont'd)
1Paya Terubong
(Timor Laut)5.26%
2Seri Tanjung Pinang
(Georgetown)4.12%
3Batu Uban (Timor
Laut)2.81%
No Penang AreaQoQ
Change
PropertyGuru Malaysia Property Market Index Q3 2021
Prominent new developments such as Eco Terraces and
Penang World City are bringing a new vibrancy to the
Timor Laut district, luring buyers to areas close to the
Penang Bridge such as Batu Uban, and green vicinities
such as Paya Terubong close to the island’s hilly
centre. Meanwhile, large scale seafront developments
close to the main city centre of Georgetown have
always enjoyed attention, and in this low-price, low-
interest rate climate, buyers could be moving in to
snap up prime property in the vicinity.
Areas that saw the sharpest QoQ price drops in
Penang include Gelugor (-3.25%) and Bukit Dumbar
(-2.46%) on the island, as well as Nibong Tebal (-1.40%)
on the mainland.
Region Analysis (cont'd)
PropertyGuru Malaysia Property Market Index Q3 2021
1 Gelugor (Timor Laut) -3.25%
2 Bukit Dumbar (Timor Laut) -2.46%
3Nibong Tebal (Seberang Perai
Selatan)-1.40%
No Penang AreaQoQ
Change
Johor: Downward trend is easing off
QoQ: -0.15% YoY: -5.22%
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Johor experienced another quarter of
shrinking asking prices in Q2 2021,
registering a dip of 0.15% QoQ and
5.22% YoY. However, this is a much
lower rate of decline than the one
captured in Q1 2021, suggesting the
trend of price drops could be
gradually reducing pace.
Supply volume continued its upward
trajectory from the previous quarter,
this time up by 3.34% QoQ and 17.47%
YoY, which is the highest yearly
growth registered since Q2 2020. Still
plagued with the highest overhang
figures of 6,001 units in Q1 2021 in the
country, the southern state will have
to move forward with well-planned
caution in order to manage its
sizeable unsold property stock.
Relying heavily on cross-border
interest from neighbouring Singapore
for most of its upmarket properties,
Johor will be looking forward to the
removal of travel restrictions and the
reopening of borders to improve
future prospects.
PRICE INDEX Base index: 100 | Units on y-axis are in % | Source: PropertyGuru
Region Analysis (cont'd)
PropertyGuru Malaysia Property Market Index Q3 2021
Region Analysis (cont'd)
Landed homes seem to be the main
focus of buyers in Taman Pelangi,
which is a prime area that is close to
the Malaysia-Singapore border,
making it a good investment target
with future potential for value
appreciation. Taman Nusa Bestari is
also an emerging prime locale that
benefits from proximity to the Second
Link Expressway as well as established
amenities such as schools, shopping
malls and eateries. Meanwhile, Taman
Universiti is enjoying an enhancement
in its appeal as a property investment
destination due to its close proximity
to the Universiti Teknologi Malaysia,
where there is a steady housing
demand from a vibrant population of
students and academicians.
Experiencing the highest QoQ price
drops in Johor are areas such as
Taman Daya (-4.47%), Kempas
(-4.02%), and Johor Jaya (-3.81%), all
located in JB city. Interest may be
waning for centrally-located
properties within the city in JB,
especially when there is a surplus of
emerging alternatives in new areas
offering fresh lifestyle and
commercial opportunities.
Areas that have been performing
better than most in terms of QoQ
asking price movement include
Taman Pelangi in Johor Bahru
(+4.39%), Taman Nusa Bestari in
Iskandar Puteri (+3.52%), and Taman
Universiti in JB (+3.14%).
1Taman Daya
(Johor Bahru)-4.47%
2Kempas (Johor
Bahru)-4.02%
3Johor Jaya (Johor
Bahru)-3.81%
No Johor AreaQoQ
Change
1Taman Pelangi
(Johor Bahru)4.39%
2Taman Nusa Bestari
(Iskandar Puteri)3.52%
3Taman Universiti
(Johor Bahru)3.14%
No Johor AreaQoQ
Change
PropertyGuru Malaysia Property Market Index Q3 2021
While most individuals will opt to prioritise job
and financial security in the current climate,
savvy investors and financially secure home
seekers will see this as an opportune moment to
snap up prime property at below ordinary
market value to maximise gains in the future.
What it means for those
hoping to buy/sell in the
current market?
Country Manager
PropertyGuru Malaysia
Sheldon Fernandez
PropertyGuru Malaysia Property Market Index Q3 2021
What does
this mean
for buyers?
Macro-economic factors continue to
shape prospects for the Malaysian
property market and its potential
recovery, as typically, an upswing in
property activity usually follows on
the heels of an improved economic
outlook, as well as stronger consumer
confidence.
At the Monetary Policy Committee
meeting in July, Bank Negara
Malaysia has projected the headline
inflation to be averaged closer to the
lower bound, of a range between 2.5%
and 4.0% for the entirety of 2021,
citing the uncertainty over the path
of the pandemic as well as potential
risks of heightened financial market
volatility. Finance Minister Tengku
Datuk Seri Zafrul Tengku Abdul Aziz
has said in a media interview that the
government is in the midst of revising
its current GDP growth projection of
6% to 7.5%. Meanwhile, the World
Bank has lowered its GDP growth
projection for Malaysia from 6.0% to
4.5% this year in the wake of the new
wave of COVID-19 infections and the
reinstatement of strict movement
restrictions.
Despite a slow start, the national
vaccination programme is now
picking up pace, and consumer
sentiment will no doubt improve as we
move closer to achieving our herd
immunity target of 80% by late 2021.
Until then, however, the outlook for
the property market will be one of
lingering uncertainty and limited
visibility.
In this environment, the government’s
decision to implement a six-month
moratorium on bank loan
repayments will offer some relief to
consumers, while the extension of the
HOC and incentives offered under it
will keep property interest afloat for a
select few who still enjoy sound
financial footing. Cash-rich buyers
and savvy investors will be keen to
capitalise on the current climate of
low prices and low interest rates to
swoop in on prime property
opportunities.
PropertyGuru Malaysia Property Market Index Q3 2021
Expect asking prices to stabilise at the current low, before
gradually moving upwards again in tandem with the progress of
the national vaccination programme, as well as when lower new
infection rates are recorded.
A more competitive environment among developers who will be
vying for buyer’s attention with innovative packages and heavily
incentivised deals, in addition to those offered under HOC.
More residential supply could be making its way into the
secondary market, resulting from those who wish to cash out on
their property investments to alleviate current financial burdens.
Savvy investors and home seekers will see the current
environment as an opportune moment to snap up prime
property at attractive prices, while taking advantage of low
interest rates and financial incentives.
PropertyGuru Malaysia Property Market Index Q3 2021
What to look out for
in the quarter?
Buying a property is one of the most challenging decisions of our lives. It is also
likely to be the most expensive one. When committing to a home purchase, it is
important to make an informed choice, so that decisions can be made
confidently.
At PropertyGuru, we are passionate about helping homebuyers find and secure
the home they have always wanted. We created this report to help regular
Malaysians understand the movement of the property market better, so that
buyers can offer reasonable prices in line with market sentiments or try to time
their purchases better.
We look at the property market across Malaysia, in different locations, and
across different property types, to provide a comprehensive, insightful overview
of home pricing across the country.
As the largest property site in Malaysia, PropertyGuru processes a vast amount
of real estate data daily. As such, we are uniquely positioned to bring solid
insights about the market. We certainly hope these insights help Malaysians
make more confident property decisions.
Using a range of statistical techniques, the data from over 500,000 home choices
and over 12 million monthly visits on PropertyGuru.com.my are aggregated and
indexed, demonstrating the movement of supply side pricing.
The Malaysia Property Market Index (MPMI) shows seller sentiment and
indicates the price level that real estate developers and home owners feel that
they can fetch for their respective properties.
Short term increases in the Index demonstrate buoyancy of sentiment while in
the long term, the Index indicates which part of the property cycle the market is
currently going through.
The Index reflects the most recent (Q2 2021) price trend, relative to a reference
period of Q4 2016. This means that aggregated price levels are denominated as
100 at Q4 2016, and all subsequent quarters’ pricing are relative to that.
We complement the price with a view on supply volumes in the market through
the number of property listings on PropertyGuru.com.my. Our supply volumes
not only take into account residential resale supply, but also new launch supply
in the Malaysian property market.
Methodology
About this report
PropertyGuru Malaysia Property Market Index Q3 2021
The company is part of PropertyGuru Group,
Southeast Asia’s leading property
technology company.
For more information, please visit
www.PropertyGuru.com.my
www.linkedin.com/company/PropertyGuru-
Malaysia
About PropertyGuru
PropertyGuru is the leading property
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choices and over 12 million monthly visits.
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upon the information contained in this publication without obtaining specific
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given as to the accuracy or completeness of the information contained in this
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