3 Trends Spotted In Property Market Since OPR Cuts Announced In 2020
According to PropertyGuru’s Malaysia Consumer Sentiment Study H2 2020 report, over 80% of respondents were expecting a reduction in the home loan interest rate, due to the sluggish economy. And it would seem like they got their wish.
In 2020 alone, BNM cut the OPR by four times so far, in an effort to cushion the negative impact on the economy from the COVID-19 pandemic. It went from a rate of 3.00%, all the way to 1.75%, the lowest level on record!
We’ve observed that the many reductions of the OPR since January 2020 may have had some effect on the property buying behaviour of Malaysians, so we decided to take a closer look!
Trend #1 - Increase In Interest For Properties Below RM700,000
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Freeman Woo & Team