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Malaysian property sector to see slower growth, says Valuations Dept [22-01-2013]  
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The Malaysian property market is expected to be sustained at a lower growth rate this year in terms of the number of transactions.

Deputy Director General (Technical) of the Valuation & Property Services Department, Ministry of Finance, Faizan Abd Rahman, said the market is slowing down after a rapid increase previously.

"Residential properties will still do well in terms of numbers. For certain areas, prices will increase.

"But overall for this year, there will be an adjustment in terms of prices which are expected to moderate," he told a press conference during the Sixth Malaysian Property Summit 2013 here on Tuesday.

He said more houses are coming for sale into the market this year.

Meanwhile, Managing Director of CH Williams Talhar & Wong, Foo Gee Jen said measures by the government, such as an increase in the level of Real Property Gains Tax and a 70 per cent of Loan to Value Ratio for a third residential property, has had a psychological impact on buyers and was putting a brake on transactions.

"In terms of the residential sector, infrastructure and transportation are key elements that will drive any increase in value," Foo said during the press conference.

The President of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector, Lim Lian Hong said there is still ample liquidity to drive the property market.

"Property investments are still attractive when compared with the yield of other alternatives such as fixed deposits.

"There is enough cash in the market to push the property sector," he added.

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