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"The best time to buy property when others fear to do so"

What is the property outlook for 2015 ?

PROPERTY analysts and experts are mixed in their property market outlook for next year due to the uncertainty that is looming ahead of the Goods and Services Tax (GST) implementation next year.

While many are expecting the property sector to dip, MIDF Research property analyst Ahmad Annuar Rahman said property prices are expected to hold and grow marginally for all residential types.

The property demand will remain, if not slightly increase next year.

Property experts, however, are anticipating tough times ahead and are urging potential buyers to leverage on the lower prices now.
Property guru and best-selling author Milan Doshi said the best time to buy a property is usually when others fear to do so.

“That is the time when you can get good deals, which normally don’t come by during better times. As long as you know the locations that are good to invest in, you can secure good financing and can negotiate good deals. There would be many opportunities to benefit from.

“A smart investor should possess the know-how and the know; the two main ingredients to be a good property buyer,” says Milan.

Meanwhile, on the implementation of GST in April next year, there should not be any increase in property prices post-GST as the taxes have already been factored in this year.

Properties usually have two to three years to be developed, so the GST should not be a reason for property price hikes next year.

“While pricing might continue to grow and the sticker price might be slightly higher, units on sale might be reduced. However, it is always wise to meet the buyers halfway as obvious price increases would deter them from buying, and it also depends on the marketing strategies developers are adopting to attract buyers,” says Ahmad Annuar.

Source : Business Times.