PETALING JAYA: Savills Malaysia says the residential market will remain a buyer’s market this year.

       Savills Group managing director Datuk Paul Khong said he expects to see improvement in activities in the residential sector in 2022 despite transaction prices projected to stay soft.

       “Since the Home Ownership Campaign benefits would cease to be carried through to 2022, we saw some stronger activities to the closure of 2021.

       “These ‘discounts’ given to the various types of residential properties provided opportunities for many genuine home buyers to own their first home and/or for upgraders to move to a better unit.

       “Bank Negara may increase the overnight policy rate this year to combat inflation. However, the interest rates at the moment is expected to remain favourable,” he said in a statement.

       He said this year would continue to be challenging, in continuation from 2021, as there is not much given for the property sector under Budget 2022, except for the real property gains tax reverting back to 0% and 5% for both individuals and companies, respectively.

       Furthermore, he said infrastructure would continue to be a key economic driver in 2022. The government would continue to expedite the kick-off of the MRT 3 project in Greater KL, he said.