Review current policies to enable a sustainable real estate market, says Yamani Hafez

Deputy Finance Minister II Yamani Hafez Musa said it should also consider end-user demand while meeting the needs of the future generation. — Photo Bernama

KUALA LUMPUR (10 March): With the onslaught of the pandemic as well as changing development practices in many cities around the world, it is time to review current planning regulations, policies and development practices to enable a more sustainable real estate market.

Deputy Finance Minister II Yamani Hafez Musa said it should also consider end-user demand while meeting the needs of the future generation.

“The supply of data in terms of existing stock, take-up rates and expected supply will continue to be made available to real estate professionals through the National Center for Real Estate Information,” it said. he declares.

Yamani Hafez said so in his keynote speech at the 30th National Real Estate Convention, themed “Navigating the Property Revival,” hosted in hybrid mode by the Royal Institution of Surveyors Malaysia (RISM) today.

He noted that the volume and value of real estate transactions improved by 3.8% and 38.8%, respectively, in the third quarter of 2021 (3rd quarter 2021) on a quarterly basis.

“However, there is a real need for real estate stakeholders and authorities to come together to mitigate a new occurrence of real estate bubbles and housing affordability crisis,” he said.

The Deputy Minister said that the changing global climate, compounded by the impact of the pandemic, has in fact led to new investment opportunities in environmental, social and corporate governance areas in the immovable.

“While this may be part of the solution to the climate crisis, all stakeholders should align their goals to offer their properties as a responsible and sustainable investment,” he said.

He added that real estate holdings can no longer be viewed solely in terms of marketing, but also in terms of bringing positivity to the environment and social context.

“The government is committed to ensuring adequate funding and allocations for programs and projects related to the Sustainable Development Goals (SDGs) as announced in Budget 2022, so that growth remains sustainable and inclusive.

“This is particularly beneficial for developers, owners and occupiers, as environmental considerations and decisions take into account the different stages of the property life cycle,” he said.

Meanwhile, Yamani Hafez said that in preparing for the market recovery, real estate professionals must now summarize the challenges facing the real estate industry and speed up processes to be more efficient and profitable.

He said the lessons learned and the challenges faced by owners and investors are valuable insights into understanding the mechanics of the real estate industry as well as adapting the techniques and possibilities presented by property.

“An effective environment and the right policies will foster a sustainable real estate sector, leaving ugly overhang situations a thing of the past,” he said.

He noted that in Q3 2021, property surplus stood at 30,358 units worth RM19.80 billion in Malaysia, led by Johor (6,509 units), followed by Penang (4,638 units), Putrajaya (3,863 units) and Selangor (3,376 units)

High-rise buildings make up the bulk of the real estate surplus at 62% or 18,829 units, followed by townhouses at 22.4% or 6,803 units. – Bernama

— BERNAMA

TAGS: RKMS RKMS NII

Thursday, March 10, 2022