More discussions on the GST effect on property prices here...
http://www.thestar.com.my/News/Nation/2015/02/01/Mixed-views-on-house-prices-GST-increase-minimal-and-developers-should-absorb-it-says-Subromaniam/
According to people in the know, the increase if any will be minimal. The customs department, in my opinion, knows shit about property business says prices will fall or remain the same because developers should absorb GST costs. Developers or any businessmen in Malaysia as we all know will increase prices. When oil price went up, although the effect on cost is less than 2%, we have seen prices of food, essentials and logistics increase 10% to 20%. Sugar price increased by 20sen, effect should be less than 0.05% and we saw our coffee and cakes prices go up 20%. So do you think developers will absorb costs?
One guy even says there is going to be oversupply of residential units and such property prices will fall. But such blanket statement borders on ignorance and shouldn't be taken seriously at all. Because every urban area in Malaysia, the government is under pressure to build homes because there is an undersupply. So, this chap is talking about over supply. I am sure later he will use examples of Rawang and Bukit Beruntung to show prices are stagnant or falling. But let's talk about KL, PJ, Subang Jaya etc. If this guy thinks the prices there will fall, I urge him to sell his properties to me at these falling prices.
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3 comments:
I agree there will be an oversupply of properties in PJ and that rental will weaken. I was thinking of selling my (rented out) apartment in SS2. But then, even if prices drop by 10-20 or even 30%, so what? Once I sell, it is unlikely I be able to buy back. So, I decided I will hold on until I need the cash. So, maybe prices may weaken, but whatever I think most owners will just hold on their property. E.g. Mount Kiara, KLCC.
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