KUALA LUMPUR: Malaysia has experienced post-Covid growth that is positive, with 4.0 percent increase in gross domestic product (GDP) in 2023, amid the present economic conditions.
Notably, the real estate industry has seen a boost in confidence, and the market has seen upward trends in both transaction volumes and values.
Notwithstanding worries about the pandemic's aftereffects, there are indications of expansion, such as rising tourism, investment, and government programs like the Gold and Platinum programs for MM2H.
Sr. Tan Ka Leong, group managing director of CBRE|WTW, notes that there are still issues, such as the effect of higher OPR, a weaker Ringgit, and the requirement for more research, big data analysis, and open information sharing.
"The future of Malaysian property extends beyond regional growth. As we navigate the evolving landscape, we stand on the precipice of profound transformations driven by emerging technologies like artificial intelligence, blockchain, and virtual reality.
"Imagine the possibilities. Artificial intelligence and big data empower professionals to make data-driven decisions, predict market trends, and unlock new levels of client service," he said.
Tan thinks big data could help developers better target specific audience needs with their projects and investors find previously undiscovered opportunities.
He cited virtual reality tours as a means of facilitating easy worldwide property exploration, creating new investment opportunities, and bridging borders.
Megaprojects like the ECRL, the planned Kuala Lumpur-Singapore high-speed rail project, and the rapid transit system (RTS), according to Tan, are catalysts for change rather than merely updating infrastructure.
According to him, these connectivity arteries will transform the real estate market by generating new opportunities, stimulating demand, and establishing economic hubs along their routes.
Tan said that in order to stimulate the real estate market, all of these topics will be covered at the ongoing 16th Malaysia Property Summit 2024 (16MPS) in Johor Bahru, which ends tomorrow (Jan 19).
The theme for the summit is 'Prop-Tech, Big Data, & High Impact Projects: Building the Future of Real Estate'.
Johor Bharu is the host city for this year's 16MPS, according to Tan, the organising chairperson.
Tan highlighted the critical role the RTS plays in tying Johor and Singapore together and promoting economic growth in the recently announced Johor-Singapore Special Economic Zone (SEZ).
Sr. Abdul Razak Yusak, director general of the Valuation and Property Services Department (JPPH) and president of the Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEP), emphasised Johor as the future real estate hotspot, citing proposed LRT lines and RTS as examples.
He emphasised the necessity of teamwork for effective property research and valuation.
