I have been surveying good residential property for couple of months now. I have noticed that the prices of high and intermediate value properties are dropping. There are so many factories in Penang and other places are shutting down. Many lost their jobs and unable to pay their loan. In my opinion, lack of new purchases in properties leads to price decline. Warren Buffet shared his ultimate secret – When everyone is greedy, be scared and when everyone is scared, be greedy.
During economic downturn, everyone is scared to invest in any type of businesses or properties. The value of property keeps dropping during this period. I guess, this will be the best time to be greedy. I believe the value will continue to drop for at least few years before hitting up again. If you have any plans to buy property before, now will be the best time. Real estate business is the highest risk as it involves huge money. For many, real estate will be the biggest investment in their life. Be extra careful and very choosy, I’m sure you can find your dream home soon.