More Malaysians are citing intention to purchase a property for investment purposes post-Covid-19, increasing from 47 per cent of respondents in the first half of 2020 (H1 2020) to 53 per cent in H2 2020, this is according to PropertyGuru Malaysia.
Its country manager Sheldon Fernandez said investors are likely to time their purchases according to price and market movements.
He said first-time home seekers and investors are prioritising property as Malaysia enters the recovery stage in the government's sixth-phase plan against the Covid-19 pandemic.
"We've seen a lot of market uncertainty in the wake of Covid-19 and the resulting movement control orders (MCOs) in Malaysia, with numerous viewpoints, models and strategies, from industry players trying to make sense of the pandemic and its impact on property," he said.
Fernandez said a recent study showed that 51 per cent of renters and 47 per cent of respondents from 22 to 29 years of age said they would not delay property transactions due to Covid-19 and its impacts.
This compares to 23 per cent of respondents aged 60 and above, underscoring the importance of home-ownership to younger groups, he said.
Respondents from lower-income backgrounds are also less likely to delay their purchases, indicating continuing demand for affordable housing amid economic headwinds.
The PropertyGuru Malaysia Consumer Sentiment Study findings found healthy demand in the second half of 2020 (H2 2020) with 37 per cent of respondents citing purchasing intent by year-end, and only a slim majority (57 per cent) prefer purchases in 2021.
Fewer than one out of five Malaysians or 16 per cent shared that they are not considering property purchases following the pandemic.
This optimism is even more pronounced in the long term, with just eight per cent of investors sharing they would defer property buying decisions by three to five years in the event of a recession.
Jones Lang Wootton executive director Prem Kumar recommends adequate due diligence to be exercised by deal-seekers to mitigate the risks posed by the uncharted headwinds affecting the market.
"The Covid-19 outbreak has accelerated the impact of structural issues which were already being faced by the property market. As such, it is not just a matter of managing the short-term market uncertainties, and it should be kept in mind that other non-real estate factors have a bearing on the market as well.
"Property investors need to be wary of relying on traditional investor instincts which may not necessarily provide adequate credence in terms of decision-making in the current unprecedented environment of the property market," he said.
Meanwhile, Fernandez said that aside from price uncertainty and delays in purchases, difficulties in viewing properties (52 per cent) and challenges in securing home loans (41 per cent) are the issues most frequently faced by Malaysians returning to a new normality.
Though keen on the property, renters (46 per cent) and those living with parents (51 per cent) are most likely to have difficulty finding loans.
The inability to obtain sufficient information on the property (29 per cent) is also a common concern.