Demand for luxury residential properties expected to turn cautious

Demand for luxury residential properties expected to turn cautious

PETALING JAYA: Demand for luxury residential properties is expected to turn cautious, given greater economic uncertainties and a tightening of credit by banks, DTZ Research said in its latest Property Times market report.

In the report for Kuala Lumpur for the third quarter, the research house said there would be an increasing downside risk on prices at the higher end of the market if the conditions got worse next year.

“The residential sector experienced significant completions in the quarter and this will put pressure on rentals, especially in the larger prime condominium units where demand has not kept pace.

“Generally, while price remains stable, new pressure to sell is expected as some owners taking delivery of completed units may wish to exit their investments. There remained selective demand for new launches,” it added.

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