'Growth in prime property values to slow'

Property values in the Klang Valley, Penang and Johor are expected to grow at a slower pace this year due to high supply and speculation activities, a real estate services company says.

CH Williams Tahir & Wong's managing director, Foo Gee Jen, said this year's growth in the prime areas was seen at between 10 and 15 per cent compared with between 20 and 25 per cent previously.

He, however, considered this healthy taking into consideration last year's gross domestic product (GDP) growth of 7.2 per cent.

"Property prices cannot exceed three times of GDP," he told reporters after a presentation on the local property market outlook for 2011 here today. – Bernama

SOURCE: Business Times

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