While the COVID-19 pandemic is affecting Malaysia and almost every major economy in the world, it could be the best time to go bargain hunting in the property market.

Even before the lockdown took place, it is already a buyer’s market where one can find a wide range of decent properties selling at a very reasonable price.

In fact, the property prices have been recording a lower growth over the past few years and offering a window of opportunity for both buyers and investors.

Take residential houses as example, the Malaysian House Price Index shows that the growth rate of house prices has slowed down since 2012 to stand at 1.9% in 2019.

However, the average house price in the country has been climbing up steadily from RM217,857 in 2010 to RM426,155 last year, a whopping increase of about 96% over a 10-year period and signifies property’s incredible long-term growth potential.

The Malaysian property market was actually showing signs of bottoming out and it would be entering an uptrend cycle now if not for the COVID-19 outbreak.

According to data from the National Property Information Centre (Napic), the property market has been improving over the last five years and registered a 4.8% and 0.8% growth in the transaction volume and value in 2019 from 2018.

And given the scenario where currencies are devaluating as central banks are cutting their rates to historical low and stock markets expect to take a hit from the weak corporate earnings going forward, property appears to be one of the best safe haven assets amid the uncertainties.

Furthermore, a market downturn offers more opportunities for one to bargain hunting at the lowest price point and maximize the returns when the market starts to pick up – just like any other economic crisis we have experienced in the past, such as the severe acute respiratory syndrome (SARS) epidemic in 2003 and the 2008/2009 financial crisis.

While the speed of economic recovery from the COVID-19 is remain to be seen, the market will eventually rebound and thus industry experts are encouraging homebuyers and investors to keep an eye on bargain buys across various property sub-segments.

But among the segments of landed homes, high-rise residences, shopoffices, warehouses, factories and many more, where should one start? And how to ensure the price buyers are paying is really a bargain?

At PropNex Malaysia, we are ready to serve you with a full suite of real estate brokerage services backed by extensive experience and industry insights from more than 7,000 negotiators across the country.

Besides offering the most exclusive and latest listings in residential, commercial, industrial and auction property as well as corporate leasing and new launches, PropNex Malaysia takes pride in assisting clients in finding the best deals in the market and making well-informed decisions.