KUALA LUMPUR: Real estate specialist IQI Global has sold over RM2.4 billion of properties in the first half (1H) of 2020, despite market volatility and the Covid-19 pandemic.
Group chief executive officer Kashif Ansari said the sales figures had shown that the appetite for properties remained strong among value-oriented buyers.
"The appetite for the property is resilient despite the Movement Control Order (MCO) and Covid-19 related restrictions," he said in a statement today.
Kashif said IQI Global was hopeful to surpass its last year sales of RM4.34 billion by the end of 2020.
"Six months into this year, we have already achieved more than 50 per cent of that figure despite the difficult circumstances.
"While we have had good results in the new project market, we do not see much upward pressure on prices."
Kashif said the buyers were most active to pick and choose the locations and projects they wanted to buy-in.
"Our RM2.4 billion in sales in 1H is due more to a careful selection of product and effective marketing than to a general recovery in the market," he said.
He said IQI Global's agents had rolled out technologies such as streaming listings presentations, online events, virtual tours and 3D rendering to showcase properties to buyers.
"Our team of 10,000 global real estate agents have changed the way properties are sold."
He said Malaysia was an attractive destination for local and global property buyers due to good entry price points, welcoming policies and participation in the Belt and Road Initiative.
"The macroeconomic stability, sound financial markets, modern infrastructure and productive labour force drive a positive outlook for the Malaysian economy," he said.
Kashif said Malaysia was becoming more popular with global investors who are looking at diversifying their investment portfolio.
"We believe that over the next year demand will increase from investors in Japan, China, Korea, Bangladesh, the Middle East, the United Kingdom and Europe.
"For overseas buyers, the lowered threshold price for high-rise property is attractive and will help developers to reduce existing stock," he said.
According to Juwai IQI's first-quarter Property Index and Survey, agents nationwide had expected nominal prices to increase 1.1 per cent in 2020 before returning to more rapid, 8.6 per cent growth next year.
Bank Negara Malaysia reported that house prices had climbed 0.88 per cent in 2019.