04 June 2014

Malaysian house prices up 8pc in Q1

  04 June 2014

By BERNAMA
KUALA LUMPUR: The Malaysian house prices rose eight per cent in the first quarter of 2014 compared to the same quarter last year.
According to the Knight Frank Global House Price Index released today, Malaysia was ranked at 15th spot among 54 countries.
Dubai, which topped the annual rankings for the fourth consecutive quarter, recorded price growth of 27.7 per cent until end-March, it said in a research note.
However, prices rose by 3.4 per cent in the first three months of 2014, as the doubling of transfer fees and mortgage cap had an impact on the Emirate’s
property market.
Knight Frank head of research for Asia Pacific, Nicholas Holt, said that 14 countries recorded a decline in house prices year-on-year, comprising 12 in Europe while Singapore and Japan were the only non-European countries.
“Cooling measures and tighter mortgage lending conditions have halted price growth in Singapore, while in Japan,’Abenomics’ has yet to push house price
growth into positive territory,” he said.
He added: “We expect to see the index’s performance strengthen again in the second quarter. All eyes will remain on central banks, in particular the Federal
Reserve, the Bank of England and the European Central Bank.
“The issue is not when interest rates rise but the speed and extent to which they do.”
Overall, The Global House Price Index has risen for eight consecutive quarters but the rate of price growth slowed in the first three months of 2014.

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