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Property price correction expected in Asia-Pacific

KUALA LUMPUR: Prices of residential properties in the Asia-Pacific region are bound for a correction following the introduction of a slew of cooling measures in these markets, according to global real estate consultancy Knight Frank LLP.

“It is our view that a number of markets in Asia-Pacific are likely to correct over 2013,” Nicholas Holt, Knight Frank research director in Asia-Pacific, said in a recent statement. He said given the severity of the latest wave of cooling measures in these markets, it is quite likely that there may not be any need for further interventions. 

The real estate consultancy expects house prices to soften in Singapore by an average of 5% and Hong Kong by 10% over the next 12 months. In China, price appreciation is likely to continue in Tier-1 cities, while there could be drops in some of the smaller cities. 

Meanwhile, Malaysia is likely to see a rebound in activity in the property sector following the recently concluded general election, said Holt.

Policymakers have been introducing greater cooling measures as many housing markets across Asia continue to see significant price hikes despite initial efforts to contain the rise. 

Among the latest cooling measures adopted are imposing more lending restrictions, and additional taxes and regulations aimed at controlling price inflation. Steps have also been taken to curtail price speculation and  support for first time buyers. 

The tools being employed comprise a mix of fiscal policy, supply side intervention, home buyers’ regulations and financing restrictions, said Knight Frank in its latest Asia-Pacific Residential Review released last month.

According to the report, post-crisis Asia has seen its property markets rebound so strongly that it has motivated governments to intervene. Issues of affordability for first time buyers have been brought into sharp focus, while the price increases have caused concern to many who have not forgotten what happened when an external trigger sets in motion a serious correction. 

It said there is no doubt the cooling measures had been effective in reducing speculation, simply by pricing speculators out with extra taxes and limited financing options.

The protectionist measures introduced in Singapore and Hong Kong have led to a drop in property purchases by foreign buyers. Singapore saw a drop of 23.5% in purchases in 2012; in Hong Kong, the proportion of mainland Chinese buyers dropped from around 30% in October 2012 to only 9.4% in January 2013.

The pick-up in equity markets over the last quarter has also induced some of these “arbitrage investors” to move out of the residential sector. 

Property investors are now increasingly looking to markets that are not impacted by restrictions and are open to foreign buyers. As a result, the United Kingdom, Thailand, the Philippines, Australia, New Zealand, the US and Canada have all seen an uptick of interest from Asian buyers.

More buyers are moving into the office, retail, industrial and hotel markets as well. However, the initial signs of government intervention in the commercial market are already evident with the Singaporean government introducing a sales stamp duty for the purchase of industrial property to reduce speculation.


This article first appeared in The Edge Financial Daily, on May 10, 2013.

Positive outlook for property in 2013

PETALING JAYA: The real estate market in Malaysia will remain bullish this year with the general elections out of the way, according to Zerin Properties CEO Previndran Singhe.

“Since last year, everybody thought the property market will be bad. My message to the market then was not to panic, market is stable. Prices will not drop. In fact, certain locations that were feeling the pinch due to scarcity will see price increase and you can make money.” he said during his presentation at The Edge Investment Forum on Real Estate 2013 on May 11.

“For 2013, my market forecast still remains, if not more bullish, post elections. In my opinion, properties in good locations will see price increases of more than 5% this year. It will be case of too much money chasing too little properties in good locations. These locations will see upward movements,” he added.

He said the current market has been very active with strong mop up by investors, for both landed properties and condominiums, in traditional hotspots. This is reflected in the growth of residential loans.

“Being an agent, we have the pulse on the ground. We already felt the mop-up by investors in January and the problem we had was not having enough listings,” he said, adding that this is because people believe that real estate remains the best, safest and fastest way to create wealth.

His bullish outlook is due to several factors including the lack of housing supply.

Housing supply is playing catch up with demand and in the short term, will continue to push prices up, he said. He added that Malaysia’s population in 2012 stood at 29 million and it is expected to hit 39 million by 2040. “Our rate of urbanisation is the highest in the region at 2.9% - 3%. Greater Kuala Lumpur is home to 6 million people and this is 20% of our population. By the end of this decade, there will be 10 million people living in Kuala Lumpur. All these people have one need – homes,” he said.

Developers are also actively acquiring land as well as making medium-sized investments of below RM100 million. According to him, the vibrant property market is due to firm domestic demand, high liquidity in the market, vigorous private investment growth, strong infrastructure spending by the government and expansion in the oil & gas market.

With Malaysia’s economy expected to sustain at above 5% this year, inflation rate contained between 2%-3% and with Malaysia enjoying a high employment rate of 97%., Previndran says these factors make for “a solid base for real estate investment”.

The forum organised by The Edge Malaysia was sponsored by Malaysia Building Society Bhd and supported by Sunway Bhd.

For the full coverage of The Edge Investment Forum on Real Estate 2013, read the coming May 20 issue of City & Country, the property pullout of The Edge weekly.

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Property market set to pick up pace, says report

KUALA LUMPUR, May 11 — Consultants have expressed confidence that Malaysia’s Economic Transformation Programme (ETP) will continue post-Election 2013, Singapore’s Straits Times reported today. 

The programme is expected to inject US$440 billion (RM1.31 trillion) into sectors such as oil and gas, tourism, financial services and urban infrastructure.

The property market will also pick up again, analysts told the broadsheet.

“Now that the election is out of the way, the property market appears to be re-energised and we are confident of seeing substantial gains over the next three years in both Peninsular and East Malaysia,” Christopher Boyd, executive chairman of CB Richard Ellis, was quoted as saying.

He cautioned, however, that there would likely be a parallel increase in supply from developers who had held back new releases before Election 2013.

“From the third quarter onwards, we anticipate that continued high liquidity, additional public expenditure on infrastructure and renewed confidence in the future will all combine to bring residential property values to new highs,” he told The Straits Times.

While the newspaper reported that many Singaporean investors have been keen on Iskandar, the analysts it spoke to warned that the development in Johor is an untested market.

Consultants see good prospects for property in the Klang Valley — bolstered by the fact Malaysia is said to have the second-lowest property prices in Southeast Asia on a per square foot basis.

Brian Koh, the head of research and consultancy at DTZ Malaysia, told Straits Times that he expects Malaysian property prices to rise by 5 per cent to 10 per cent a year over the next few years, with the steepest increases in the Klang Valley market. - The Malaysian Insider