No recovery for house prices, no thanks to economic recovery plan

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A huge overhang, many under-construction projects, and political problems have taken Malaysia to the bottom on the house price index.Housing prices have soared across the world in the past year, but a local research house sees little room for optimism in Malaysia.Research house Kenanga said in its latest report that the housing market would “continue to remain subdued even if we recover from Covid-19” because of the relatively slower economic recovery from Covid-19 and a long-standing oversupply that began in 2015.Quoting a Knight Frank survey of 56 countries, Kenaga said house prices have soared in countries such as Indonesia (1.2% increase), Turkey (32%), US (13.2%), Britain (10.2%) and Singapore (6.1%).However, the conditions in those countries did not apply to Malaysia “so we do not foresee a blanket re-rating for property prices,” Kenanga said.The MCO 3.0, imposed in earl…