PETALING JAYA: Properties in the cities are expected to be back in favour globally over the next 12 months, according to independent real estate consultancy Knight Frank.

       Its Global Buyer Survey, which represents the views of over 900 Knight Frank clients across 49 markets, revealed that out of those respondents who were more inclined to move in the next 12 months, 38% were looking at city locations with 33% opting for the suburbs.

       The survey also analysed the impact that Covid-19 has had on residential buyers’ attitudes to purchasing homes around the world.

       Knight Frank Malaysia deputy managing director Keith Ooi said for the Malaysian market, although there was an improvement in transactional activity in the first quarter of 2021, the average house price for Kuala Lumpur, a buyer’s market, was lower by 3.1% for the year.

       “This is likely attributed to weaker demand amid rising inventory as potential buyers and investors adopt the ‘wait-and-see’ approach during the pandemic period.

       “In contrast, the average house price for Penang remained resilient with 0.2% growth supported by initiatives under the various stimulus packages and the National/State Home Ownership Campaigns,” he said in a statement.

       Moving forward, Ooi said the overall housing market is expected to gradually recover throughout 2022 although prices, in general, are expected to remain flattish. ― Bernama