Before the pandemic froze its housing market, the Southeast Asian nation was luring foreign investment with price incentives.
Bank Negara Malaysia said in a report on Wednesday that a supply-demand mismatch and slower income growth had led to a housing affordability issue in Malaysia
Sales in the Kuala Lumpur market are “subdued,” said Christopher Boyd, the executive chairman of Savills Malaysia. The number of residential sales dropped 16 percent from the fourth quarter of 2015 to the first quarter of 2016, he said.
Political uncertainty, limits imposed on bank financing in 2013 and the year-old scandal over Prime Minister Najib Razak’s involvement in 1Malaysia Development Berhad (1MDB), a government investment fund, have dampened buying activity in Malaysia, agents say.
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