Knight Frank: residential market will continue to self-correct amid challenges brought on by the pandemic
The COVID-19 infections in Malaysia show no signs of abating despite the accelerated national roll-out of vaccines. The spike in positive coronavirus cases has led to the reimposition of MCO 2.0 in January 2021, followed by MCO 3.0 and full lockdown (FMCO) since May 2021.
The reopening of the economy is expected to be gradual as the vaccination drive continues to be ramped up under the four-phase National Recovery Plan (NRP). The country’s gross domestic product (GDP) growth for 2021, which was previously projected at between 6.0% and 7.5%, is expected to be revised lower due to the adverse impact of the prolonged pandemic on various economic sectors.
