Malaysia's property market set for growth in 2010

Property in Malaysia has been given a positive outlook for 2010 by one expert.

Malaysian newspaper the Star has reported that investors could see a five to ten per cent increase in house prices in the country.

However, James Wong, president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia, remains cautious, saying that a significant jump in prices was not expected.

"Condominiums and apartments are currently selling well and landed property prices, which had held through the economic crisis last year, are expected to grow this year," Mr Wong said to the paper.

Economic recovery will be the biggest factor influencing property market performance and Malaysia's GDP is expected to climb two to three per cent in 2010.

Meanwhile, Mr Wong believes that many developers that postponed property launches last year would not do the same in the coming months, adding that investors could take advantage of a five per cent drop in prices last year.

Malaysian Industrial Development Finance recently highlighted the improving economic outlook as a key factor in attracting potential investors.