Sigh, it doesn’t seem to end with all this upsetting news lately!
According to Free Malaysia Today, political and economic affairs analyst Prof Hoo Ke Ping predicts that Malaysia will undergo a recession in 2018.
“Malaysians will feel the pinch of recession from next year onwards due to various factors, including a decline in consumer confidence and the retrenchment of workers from such sectors as oil and gas, banking, retail, and electronics.”
“Prices of medium and high-end homes will drop, with property speculators starting to tighten their belts as bank loans become harder to get.”
He predicted that this recession will hit almost all sectors in the country.
Aside from that, the expert also pointed out that Malaysia has experienced a recession almost every decade since the 1960s!
However, these next 2 years is supposedly the best time to buy property, according to Prof Hoo. For those looking to own medium to high-end property, the next 2 years will be the best time to do so.
Prof Hoo said this is because the property market was showing signs of slowing down 6 months ago after many market speculators failed to get bank loans, buyers, or tenants for their properties.
Looks like this is a big heads up for everyone in Malaysia! It’s time to be more wise with our money for the next couple of years!
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