PETALING JAYA: The year 2010 will remain a challenging one for the property sector as it recovers from the impact of the global financial crisis.

A poll by The Edge Malaysia found that property consultants in Malaysia are confident that the residential market will generally improve from last year with better sales expected.

Despite the imposition of the 5% Real Property Gains Tax on properties sold within five years of purchase and indications of rising interest rates, the property experts say the residential sector is expected to perform well in 2010 with strong demand coming from owner-occupiers and up-graders.

The office market on the other hand will see more challenging days ahead in the face of greater competition for tenants as more office space comes on stream especially in the Klang Valley.

View the video on some of the consultants’ take on the property market in 2010 at our multimedia segment Property Market Outlook for 2010 and read the full report in the Jan 11, 2010 issue of City & Country, the property pullout of The Edge Malaysia.
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