Property market down but not out, says expert

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Like the rest of the economy, the property market has been struggling in the face of the Covid-19 pandemic.PETALING JAYA: The property market may be in the doldrums, but an industry expert foresees a boom once a vaccine against Covid-19 is found. This would be largely due to pent-up demand, said Rahim & Co International CEO Siva Shanker, a former president of the Malaysian Institute of Estate Agents. “The property market is like a big wheel,” he said. “Once it slows down, it is tough to turn it again. But when it does turn, it will move by itself.” Even now, he told FMT, the cash-rich would be on the lookout for good deals and there would be property owners wishing to sell. “We agents will try to facilitate the meeting point for market forces, and each round of sales will act as a catalyst for the next round. This in essence is the property cycle.” But Siva said there was no da…