KUALA LUMPUR, Jan 16 (NNN-BERNAMA) — Reducing property prices is the only way to clear the overhang units in the country, CBRE-WTW managing director Foo Gee Jen said today.
As at end of 2019 he said, the overhang residential properties stood at about 35,000 units, while in the serviced apartment/Soho/ Sovo commercial sector there were about 20,000 units.
“In Klang Valley, if there is no major correction of prices in serviced apartment /Soho/ Sovo, it would take over the next five years to be cleared.
“While for residential units, there are still hopes for the prices to go up as it could hedge against inflation for the long term prospective, that would probably take two years to clear,” he said during a media briefing here today on the outlook for the real estate sector this year.
–NNN-BERNAMA
