In Malaysia, the Covid-19 outbreak and subsequent Movement Control Order (MCO) badly affected many sectors, especially in the first half of the year. The current third wave of infections and further political turmoil have added to the uncertainties that the country is already facing.
For the property sector, with business being disrupted due to the closure of sales galleries, developers and agents have turned to online platforms to sell their properties and close sales. While developers have offered many packages and incentives, the performance of the property market continues to be impacted by Covid-19.
In presenting the 3Q2020 Penang Housing Property Monitor, Raine & Horne International Zaki + Partners Sdn Bhd senior partner Michael Geh notes that Penang’s property market performed poorly in the first half of the year. The Ministry of Finance’s Valuation and Property Services Department data shows that real estate transactions in the state experienced a sharp decline in the s