HONG KONG, July 30 /PRNewswire-Asia/ -- This week's results of the RICS Global Commercial Property Survey show that the recovery in the Malaysian lettings market continued into the second quarter, with surveyors indicating that rents are no longer falling for the first time in 2 years. Indeed a modest upturn in rents was reported in the industrial sector with rents for offices and retail premises now stabilising.
Recent data suggests that the six increases between October and May have been felt in the housing market where home prices have cooled and dwelling construction has also suffered. The Australian Bureau of Statistics house price index showed prices rose by 4.8% in Q1, but the pace is moderating; growth was down from 5.1% in Q4 2009, while building approvals in May fell 6.6% to 13,412, following an 11.4% fall in April.
The robust pace of expansion in the Russian economy has fed through to the commercial property market during the first half of the year. However, there are some signs now emerging that the occupier as well as the investment market may be starting to cool, as indicated by the Q2 results of the RICS Global Commercial Property Survey.
Indeed, housing starts dropped 5% m/m in June to 549,000 units, an 8-month low. This was the second consecutive fall in housing starts after the May figures were revised downwards to a 15% m/m drop.
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