Asking prices for properties on the decline

As highlighted by the PropertyGuru Market Index Q3 2019 report, Penang's price index was down 1.5 per cent from 94.8 to 93.4 in the third quarter 2019.

However, the discounts and other promotional measures associated with the HOC may have had a downward impact on asking prices in the long term, said Fernandez. Asking prices for properties in Kuala Lumpur fell 0.9 per cent in Q3 this year, following a brief spike in the second quarter. He said, as with Penang, the downturn in asking prices this quarter may be attributed to downward pressure on prices due to the HOC."The trend can also be seen as a longer-term adjustment as demand for affordable housing and developer preferences for higher-margin property tiers find equilibrium," said Fernandez.

QoQ asking prices remained static in the third quarter; however, this was an improvement over the declines seen in other states.

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