Glut of Vacant Bungalows on the Market (Kuala Lumpur)
My husband and I have been looking at bungalows for sale and can't help but wonder why is such a glut yet prices do not appear to be falling. Coupled with this, there is also the endless stream of new developments already under construction not to mention those in the pipeline scheduled for later development.
Clearly there is far more supply than there is demand. We are really quite spoilt for choice, however we are baffled as to why prices remain so high and are not falling.
Recently we viewed quite a number in Country Heights Kajang. Within this gated community there are an abuntant amount of empty bungalows for sale, the majority which have been unoccupied for Protected content and some as much as Protected content . Whilst there are some very nice mansions and well maintained properties, many that are unoccupied are not at all maintained, gardens turned into jungles and in one house the garden had started growing through the wall and into the interior of the house. Outside the common areas along the street are very poorly maintained with garden rubbish piled up for what looks like a considerable amount of time, street sweeping doesn't appear to exist and it makes what should be an exclusive neighbourhood look extremely run down.
Can anyone explain why it is that there are so many properties on the market, yet even with such gluts property prices do not appear to be falling? This also includes properties which have been on the market for 5years and very run down. Logic doesn't seem to apply here.
In Australia properties come onto the market and typically sell within a few months, it's extremely rare to find a property still sitting on the market one year on.
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