KUALA LUMPUR, Nov 30 — Despite the uncertainty after the 15th General Election results, the stability achieved with the appointment of Malaysia’s 10th Prime Minister will have a positive impact on the commercial and industrial property markets in 2023.

Irhamy Valuers International founder and chief executive officer Irhamy Ahmad said in a statement that transactions are expected to pick up in line with investor confidence. Irhamy Valuers International is part of global property technology company Juwai IQI.

Irhamy said the country’s 2023 economic performance is likely to be backed by strong fundamentals and Malaysia’s diversified economic structure.

"Ongoing policy support will cushion the impact of the rising cost of living and mitigate the downside risks stemming from prolonged geopolitical uncertainties and tightening global financial conditions,” he said.

Irhamy also said that the medium-term outlook for the commercial, industrial and logistics property sector is likely to be busy, judging from the higher enquiries it received from the corporate sector.

He said all-sector property transaction volume climbed over 36 per cent in the first half (H1) of 2022 while commercial and industrial transactions accounted for 29.3 per cent of total transaction value, equivalent to about RM24.77 billion.

The number of commercial transactions increased in every price range, with the highest price band demonstrating the highest rate of growth at 54 per cent.

"Transaction value in the H1 2022 was significantly higher than the pre-pandemic level, which remained relatively steady in 2018 and 2019.

"We believe transaction value will continue to climb as we go into 2023, but more modestly. Growth will return to something more similar to the historic trend due to the higher base comparisons as we get past the extremely low numbers of 2020 and 2021,” he added. — Bernama