PROPENOMY of Malaysian Property Market Half Year Review and Outlook 2016: Perception Vs. Reality

“Connecting the …… dots between economy, demographic trends and current-new property hotspots”

REI Group of Companies - Presentation by Dr. Daniele Gambero

PROPENOMY of Malaysian Property Market

Half Year Review and Outlook 2016 Perception Vs. Reality

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CONSULTANCY

- Strategic Marketing Consultancies: design, concept, pricing, branding

- Property Market Surveys: defining the best product for each specific area

- Property Market Reporting: give developers an independent platform to take strategic decision on future development

- Property Market Analysis: research and definition of new development products based on existing market situation

- Branding: adding value by endorsement of project, branding of new development areas, defining and creating catalyzer for future development

- Creative: converting ideas in fact and having fun

…………What we do

Malaysian Economic Performance and

The Future of the Property Market

MALAYSIAN PROPERTY MARKET Setting the rules for sustainability

STABLE AND DEMOCRATIC POLITICAL ENVIRONMENT

ECONOMIC GROWTH PLANNING AND EXECUTION

DEFINITION AND

DEVELOPMENT OF ECONOMIC

CULSTERS

DEFINITION AND

DEVELOPMENT OF PROPER

INFRAs

SOCIO / ECONOMIC EQUITY OR

FAIR WEALTH DISTRIBUTION

LEGAL FRAMEWORK

& REGULATORY AUTHORITY

HEALTHY GROWTH OF A REGULATED AND PROFITABLE PROPERTY MARKET

MALAYSIAN PROPERTY MARKET SUSTAINABILITY MARKET PERCEPTION….WHAT IS YOUR TAKE?

PERCEPTION & REAL FACTS

PERCEPTION & REAL FACTS

DOOM or BOOM

Malaysian Economic and Property Market Performance: ……. are we really in the bricks?

Malaysian Economic and Property Market Performance: ……. are we really in the bricks?

TO GET IT RIGHT

GLOBAL & MALAYSIAN ECONOMY - FACT FILE COMPARISON BETWEEN MALAYSIA & THE WORLD GDP or GROSS DOMESTIC PRODUCT

IS THE CAPACITY OF A COUNTRY TO PRODUCE WEALTH

DEBT-to-GDP RATIO MEASURE THE CAPACITY OF A COUNTRY TO PRODUCE WEALTH EFFICIENTLY

BUDGET-to-GDP RATIO MEASURES HOW EFFICIENTLY A GOVERNMENT RULES A COUNTRY

THE BALANCE OF CURRENT ACCOUNT MEASURES COMPETITIVENESS OF A COUNTRY (EXPORT – IMPORT)

INFLATION RATE OR CPI (CONSUMER PRICE INDEX) MEASURES THE CAPACITY OF A COUNTRY IN GUARANTEEING A STRONG

CITIZENS’ PURCHASING POWER

UNEMPLOYMENT RATE MEASURES THE EFFICIENCY AND COMPETITIVENESS OF A COUNTRY’S

SERVICES, MANUFACTURING AND AGRICULTURAL INDUSTRIES

GLOBAL & MALAYSIAN ECONOMY - FACT FILE COMPARISON BETWEEN MALAYSIA & THE WORLD

1.43%

0.32%

-1.90%

0

1

2

5.70%

4.12%

2.73%

5

4

3

2

1

GLOBAL & MALAYSIAN ECONOMY - FACT FILE GDP GROWTH: MALAYSIA & THE WORLD

GDP or Gross Domestic Products is the monetary value of all the finished goods and services produced within a country's borders in

a specific time period and defines the country’s growth (%) 2014 – Let’s compare

230

220

200

180

160

140

120

100

80

60

40

20

20.48%

65.30%90.60%91.80%

101.53%

229.60%

GLOBAL & MALAYSIAN ECONOMY - FACT FILE GOVERNMENT DEBT TO GDP RATIO:

MALAYSIA & THE WORLD

The debt-to-GDP ratio is the ratio between a country's government debt and its gross domestic product (GDP). A low debt-to-GDP

ratio shows that an economy produces and sells goods and services sufficient to pay back debts without incurring further debt

2014 – Let’s compare

-4%

-5%

-6%

-7%

-8%

-3.20%

2%

1%

0%

-1%

-2%

-3%-3.10%

-2.80%

-3.90%

-7.60%

-5.80%

GLOBAL & MALAYSIAN ECONOMY - FACT FILE GOVERNMENT DEFICIT TO GDP RATIO: MALAYSIA & THE WORLD

The (budget) deficit-to-GDP ratio shows the deficit/surplus needed on a yearly basis by the Government of a country compared to the initial budget. In other words this ratio is a Government efficiency

measuring tool. 2014 – Let’s compare

-10.1 bil

-39.8 bil

-95.1 bil

-100 bil(100)

(110)

8.9 bil8.5 bil

(70)

(80)

(90)

(40)

(50)

(60)

(30)

(20)

10

0

(10)

GLOBAL & MALAYSIAN ECONOMY - FACT FILE BALANCE OF CURRENT ACCOUNT: MALAYSIA & THE WORLD

The current account consists of the balance of trade (Export less Import), that have taken place over a given period of time.

2014 – Let’s compare (USD Billion)

3.20%

2.20%1.90% 1.80%

1.70% 1.70%

0%

1%

2%

5%

4%

3%

GLOBAL & MALAYSIAN ECONOMY - FACT FILE INFLATION (CPI): MALAYSIA & THE WORLD

Inflation (Consumer Price Index CPI) shows the rate at which the general level of prices for goods and services is rising, and,

subsequently, purchasing power is falling. 2014 – Let’s compare

2.70%

3.50%

6.30%6.50%

8.10%

10.50%

3%

4%

5%

2%

1%

0%

7%

6%

11%

10%

9%

8%

GLOBAL & MALAYSIAN ECONOMY - FACT FILE UNEMPLOYMENT: MALAYSIA & THE WORLD

The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in

the labor force. 2014 – Let’s compare

GLOBAL & MALAYSIAN ECONOMY – SCORE BOARD

COUNTRYGDP

GROWTH

GOV.

DEBT

BUDGET

DEFICIT

C/A

BALANCEINFL. CPI UNEMP. TOTAL

MALAYSIA 6 5 4 6 1 6 28

AUSTRALIA 2 6 6 4 5 4 27

UNITED STATES 5 2 5 1 6 3 22

EUROPE 3 4 3 3 4 1 18

UK 4 3 2 2 3 2 16

JAPAN 1 1 1 5 2 5 15

INDEXES COMPARISON SCORE TABLE

MALAYSIAN ECONOMY - FACT FILE by IMF



Near term outlook: positive as Malaysia has a well diversified economy

Impact of lower oil prices: modest negative impact as Malaysia is more producer of natural gas.

Appropriate macroeconomic policy mix and fiscal consolidation well timed

Financial stability: risks pro-actively managed by BNM

Final comment by IMF: Malaysia is on track to become a high-income country, fully developed and advanced economy by 2020

MALAYSIAN ECONOMY - FACT FILE by WEF

MALAYSIAN ECONOMY - FACT FILE by WEF

COUNTRY

AE

- A

dva

nce

d E

con

om

ies

DA

- D

eve

lop

ing

Asi

a

20

14

-20

15

Ran

kin

g

PO

PU

LATI

ON

Mil

lio

ns

GD

P P

er

cap

ita

(PP

P)

US$

Stag

e o

f d

eve

lop

me

nt

BA

SIC

REQ

UIR

EMEN

TS

WO

RLD

RA

NK

ING

(1

44

)

EFFI

CIE

NC

Y E

NH

AN

CER

S

WO

RLD

RA

NK

ING

(1

44

)

INN

OV

ATI

ON

AN

D

SOP

HIS

TIC

ATI

ON

FA

CTO

RS

WO

RLD

RA

NK

ING

(1

44

)

AUSTRALIA AE 22 23.2 64,863 3 17 15 26

HONG KONG AE 7 7.2 42,522 3 3 3 23

JAPAN AE 6 127.3 38,491 3 25 7 2

KOREA AE 26 50.2 24,325 3 20 25 22

NEW ZEALAND AE 17 4.5 40,481 3 9 11 25

SINGAPORE AE 2 5.4 54,776 3 1 2 11

TAIWAN AE 14 23.4 20,930 3 14 16 13

CAMBODIA DA 95 15.4 1,827 1 103 100 116

CHINA DA 28 1,360.8 7,544 2 28 30 33

INDONESIA DA 34 248 5,532 2 46 46 30

LAOS DA 98 6.8 1,477 1 98 107 80

MALAYSIA DA 20 29.6 17,760 2-3 23 24 17

MYANMAR DA 134 64.9 869 1 132 134 139

PHILIPPINES DA 52 97.5 3,953 1-2 66 58 48

THAILAND DA 31 68.2 8,685 2 40 39 54

VIETNAM DA 68 89.7 5,125 1 79 74 98

MALAYSIAN PROPERY MARKET AND SEA MARKETS ANALYSIS

MALAYSIA AND THE REGION: WHERE ARE WE?

1 Hong Kong 6,170 5,553,000 37,689 134,551 41.27

2 Singapore 5,238 4,714,200 54,553 194,753 24.21

5 Thailand 850 765,000 9,062 32,353 23.65

6 Myanmar 660 594,000 1,766 6,303 94.24

7 Malaysia 418 376,200 17,760 63,403 5.93

8 Philippines 540 486,000 4,336 15,479 31.40

9 Vietnam 680 612,000 3,017 10,772 56.81

10 Cambodia 323 290,700 1,579 5,637 51.57

11 Indonesia 540 486,000 4,635 16,547 29.37

Ranking

Average price of property per contry 2014 - SEA

property value to per capita income (Average Per capita/PPP) RATIO

COUNTRY RM/psfHouse of

900 sf

GDP per

Capita Av.

PPP - USD

GDP per Capita

Av. PPP - RM

(USD/RM 3.57)

Property

Value to

Income RATIO

MALAYSIA AND THE WORLD: WHERE ARE WE? Office space

HOW MUCH OFFICE SPACE CAN I BUY WITH USD100,000,000 (one hundred million)?

Source: Knight Frank – Property.360





Square Meters

MALAYSIAN DEMOGRAPHIC - FACT FILE

67% < 39

Malaysian average per capita income 2014 (PPP) – Source IM/WB

USD17,760 per year = RM5,032 (per month)

Malaysian Wealth Distribution

Lowest 20% Highest 20%

Share 5.5% of Malaysian wealth Share 41% of Malaysian wealth

=

Median 60% share 53.5%

MALAYSIAN WEALTH DISTRIBUTION - FACT FILE

18,000,000

20% of Houses

as low/medium

low cost

Malaysian Wealth Distribution

Lowest 20% Highest 20%

Share 5.5% of Malaysian wealth Share 41% of Malaysian wealth

=

Median 60% share 53.5%

MALAYSIAN WEALTH DISTRIBUTION - FACT FILE

18,000,000

20% of Houses

free and open

value RM/psf

60% of Houses should have values from

minimum RM200 up to max RM700 psf

FEW CONSIDERATION ON AFFORDABLE HOUSING

MALAYSIAN AFFORDABLE HOUSING DILEMMA

POPULATION

AS AT 2013

PER CAPITA

AVERAGE

INCOME 2013

ASSUMED HH

MONTHLY

INCOME 2013 1

35% HH

MONTHLY

INCOME FOR

MORTGAGE

AVERAGE

AFFORDABLE

VALUE PER

STATE 2013 2

RM RM RM RM

1,730,000 79,752.00 10,633.60 3,721.76 815,000

5,870,000 37,851.00 5,046.80 1,766.38 390,000

3,530,000 25,302.00 3,373.60 1,180.76 260,000

1,660,000 38,356.00 5,114.13 1,789.95 390,000

2,460,000 21,250.00 2,833.33 991.67 215,000

1,080,000 33,033.00 4,404.40 1,541.54 340,000

860,000 34,109.00 4,547.87 1,591.75 345,000

2,060,000 16,316.00 2,175.47 761.41 170,000

1,580,000 26,759.00 3,567.87 1,248.75 280,000

1,120,000 23,285.00 3,104.67 1,086.63 240,000

1,710,000 10,677.00 1,423.60 498.26 105,000

240,000 18,519.00 2,469.20 864.22 190,000

3,540,000 18,603.00 2,480.40 868.14 190,000

2,630,000 41,115.00 5,482.00 1,918.70 420,000

1

2 For the house value it has been assumed: 30 years tenure and 4.5% interestPer capita income source: Department of Statistics

SARAWAK

STATE

Assumption that one of two income earner is 60% of the main one

KUALA LUMPUR

SELANGOR

JOHOR

PENANG

PERAK

NEGERI SEMBILAN

MELAKA

KEDAH

PAHANG

TERENGGANU

KELANTAN

PERLIS

SABAH

HOUSING EXISTING STOCK AND FUTURE DEMAND / SUPPLY

STATE

SUPPLY OF

LANDED TILL

2020

SUPPLY OF

LOW COST

TILL 2020

SUPPLY OF

HIGH RISE TILL

2020

TOTAL HOUSES

SUPPLY BY

2020

POPULATION

BY 2020

NEED OF

HOUSES BY

2020

KUALA LUMPUR 114,018 154,541 304,914 573,473 1,948,261 75,947

SELANGOR 862,851 486,991 353,668 1,703,510 6,305,524 398,331

JOHOR 697,308 265,460 191,659 1,154,427 3,975,353 170,691

PENANG 230,882 229,581 100,205 560,668 1,815,116 44,371

MALACCA 151,800 50,382 17,718 219,900 846,466 62,255

NEGERI SEMBILAN 272,026 88,626 45,998 406,650 1,252,469 10,840

PAHANG 248,441 69,173 24,427 342,041 1,707,315 227,064

PERAK 405,308 96,205 21,573 523,086 2,565,145 331,962

PERLIS 20,555 9,845 746 31,146 251,753 31,792

KELANTAN 70,860 14,585 4,126 89,571 1,869,788 533,692

TERENGGANU 98,802 39,990 1,842 140,634 1,203,098 260,399

KEDAH 252,666 114,163 3,057 369,886 2,225,994 372,112

SABAH 111,945 65,768 59,701 237,414 3,847,964 532,179

SARAWAK 196,291 52,320 18,581 267,192 2,791,798 274,114

MALAYSIA 3,733,753 1,737,630 1,148,215 6,619,598 32,606,044 3,325,748

EXISTING STOCK 2014 AND HOUSE SUPPLY TILL 2020 est.

Source: NAPIC Property Market report 2014

MALAYSIAN PROPERY MARKET ANALYSIS

THE NEXT FIVE YEARS GAME CHANGER



Service sector transformation: Islamic finance, O&G, ICT, healthcare, education, ecotourism and halal industry

Small is big: focus on SMEs that by 2020 will provide a total of 9.5 million jobs

Going global: enhance export oriented activities for manufacturing (chemicals, electrical, electronics, machinery and equipment)

and agriculture (farming technology, building agropreneurs and building market access)



Connecting each other: roads, MRT, LRT, BRT, airports

Connecting regionally: logistic



CONNECTING EACH OTHER: MRT, LRT and BRT MRT Line 1 to be completed and operational by 2016 & 2017 MRT Line 2 to be completed by 2022 LRT Line 3 to start construction in 2016 and completed by 2020 KTM to be enhanced in terms of frequency and services

OPTIMIZING TRANSPORT PLANNING: T.O.D. The Transit Oriented Development concept to be promoted to optimize land use and public transport infrastructure planning. TOD concepts will be expanded in urban areas to maximize access

THE LAND BELOW THE WIND AND THE 11th MALAYSIA PLAN “The Game Changer”





STOP BUYING

CONCEPT DRIVEN DEVELOPMENT


START BUYING

DEMAND DRIVEN INVESTMENT

PENINSULAR MALAYSIA: THE FUTURE

Penang: the 8th destination worldwide to retire.



Ipoh: retirement homes and health tourism




Klang Valley: the Southern and Western Corridors and the Megaprojects

KL – GREATER KL – KLANG VALLEY … 2020 AND BEYOND

Klang Valley 1990 Klang Valley 2012

Greater KL will reach 10 million people (Mega City) by 2020

Singapore aspires to have 6.9 million by 2030

Iskandar Malaysia aim to have 3 million by 2025

MALAYSIAN PROPERTY MARKET SUSTAINABILITY

HOUSING: CURRENT AND FUTURE DEMAND ESTIMATE IN KUALA LUMPUR/KLANG VALLEY

EXISTING-UNDER CONSTRUCTION MRT/LRT LINES

LRT Line 3 Bandar Utama – Shah Alam - Klang

1 ONE UTAMA

2 DAMANSARA UTAMA

3 TROPICANA

4 LIEN HOE

5 DATARAN PRIMA

6 PERSADA PLUS

7 STATION 3

8 TEMASYA

9 GLENMARIE

10 STADIUM

11 PERSIARAN HISHAMUDDIN

12 SECTION 14

13 SIRIM

14 UITM

15 I-CITY

16 BUKIT RAJA

17 KAWASAN 17

18 JALAN MERU

19 KLANG TOWN

20 TAMAN SELATAN

21 SRI ANDALAS

22 TESCO BKT TINGGI

23 AEON BKT TINGGI

24 BANDAR BOTANIK

25 JOHAN SETIA

LRT LINE 3 STATIONS

EXISTING MRT/LRT and INCOMING BRT LINES

KLANG VALLEY AND THE WESTERN CORRIDOR

KLANG VALLEY AND THE SOUTHERN CORRIDOR

KLANG VALLEY AND THE SOUTHERN CORRIDOR

LANDED <500K

HIGHRISE <500K

>900 SF

MALACCA AND THE IMPACT OF HSR-MALACCA GATEWAY





Malacca: touristic and shopping paradise (2015-2030)







Iskandar Malaysia: the most Strategically Sustainable Location in the region (SEA)


Malaysian Property Market Iskandar Malaysia – Strategically Sustainable

ISKANDAR MALAYSIA: STRATEGICALLY SUSTAINABLE LOCATION

Iskandar Malaysia – From Vision to reality

Iskandar Malaysia: Offer of Affordable Houses Far Behind Demand

Iskandar Malaysia – From Vision to reality

Offer of Affordable Houses Far Behind Demand

ISKANDAR MALAYSIA: STRATEGICALLY SUSTAINABLE LOCATION

PIC


Kuantan: East coast logistic hub and the committed investment from Chinese, European and American Multinational Corporation (Steel, Bio-chemical, Manufacturing






SARAWAK CORRIDOR OF RENEWABLE ENERGY

Miri: almost 400,000 population O&G Centered economy

Kuching: almost 1,000,000 population Services and tertiary sector

Bintulu: 200,000 population O&G and high energy consumption industry Centered economy

SARAWAK PROPERTY MARKET SUSTAINABILITY

SARAWAK PROPERTY MARKET SUSTAINABILITY

SABAH: THE LAND BELOW THE WIND SABAH PROPERTY MARKET SUSTAINABILITY

Kota Kinabalu: almost 650,000 population Economy based mostly on services and tourism. Manufacturing remains a strong component of local GDP.

Tawau: almost 400,000 population Timber, Cocoa, Food Processing, Tourism and Services

Sandakan: almost 400,000 population Economy based on Palm Oil, Hardwood, Logistic and Tourism

SABAH DEVELOPMENT CORRIDOR (SDC)

“VISION”

TO BE A LEADING ECONOMIC REGION IN ASIA

THE LAND BELOW THE WIND PROPENOMICS OF SABAH’S DEVELOPMENT CORRIDOR

BY BEING A PREFERRED GATEWAY FOR TRADE, INVESTMENT AND LEISURE FOR TALENT AND BUSINESS

THE LAND BELOW THE WIND PROPENOMY OF SABAH’S DEVELOPMENT CORRIDOR

GREATER GEORGE

TOWNKREATER KUANTAN

GREATER JOHOR

BAHRU

GREATER KOTA

KINABALUSARAWAK CITIES

PUBLIC TRANSPORT PUBLIC TRANSPORTURBAN PUBLIC

TRANSPORT

IMPROVING MOBILITY

AND TRAVEL EXPERIENCEGREATER KUCHING MIRI

AFFORDABLE QUALITY

HOUSINGKUANTAN WATERFRONT

CITY REJUVENATION AND

REVITALISATION

DEVELOPING AND

MODERNIZING KK AS

LIFESTYLE HUB

WASTE MANAGEMENT &

SUSTAINABLE URBAN

DEVELOPMENT

SEWERAGE

MANAGEMENT & FLOOD

MITIGATION

CRIMEIMPROVING EARLY

CHILDCARE EDUCATION

BOOSTING PUBLIC &

PRIVATE HEALTHCARE

BOOSTING TOURISM IN

GREATER KK

KEY RESULT AREAS (KRAs) IN THE CITIES

MALAYSIAN PROPERTY MARKET &

THE HUNT FOR INVESTMENT GRADE PRODUCT

WHEN?


Kuantan: East coast logistic hub and East Gate of Malaysia





Malacca: touristic and shopping paradise

DRIVERS: Tourism, Health-care and retirement

DRIVERS: Health tourism & retirement

DRIVERS: Financial services, Islamic Finance, Halal, Logistic Education and more

DRIVERS: committed investment from Chinese, European and American Multinational Corporation (Steel, Bio-chemical, Manufacturing)

NOW

5 YEARS

NOW!

5-10 YEARS

DRIVERS: Heritage, Tourism, Education, R&D Centers

5 YEARS

DRIVERS: Singapore relocation of production facilities, Medini, Education, Health-care and Health – tourism

NEXT 20 YEARS

SARAWAK CORRIDOR OF RENEWABLE ENERGY

Miri: almost 400,000 population O&G Centered economy

Kuching: almost 1,000,000 population Services and tertiary sector

Bintulu: 200,000 population O&G and high energy consumption industry Centered economy

2 to 5 YEARS

DRIVERS: O&G, Semalaju Industrial Park, Natural Gas Existing Facilities

DRIVERS: O&G Industry, related services, education

DRIVERS: High potential for tourism, education and services to O&G

SABAH: THE LAND BELOW THE WIND SABAH PROPERTY MARKET SUSTAINABILITY

Kota Kinabalu: almost 650,000 population Economy based mostly on services and Tourism. Manufacturing remains a strong component of local GDP.

Tawau: almost 400,000 population Timber, Cocoa, Food Processing, Tourism and Services

Sandakan: almost 400,000 population Economy based on Palm Oil, Hardwood, Logistic and Tourism

FOR THE NEXT 10 YEARS

5-10 YEARS

5-10 YEARS

DRIVERS: Tourism already booming can improve, O&G Services, Palm Oil, Education, Health care and Health Tourism to be imporved

DRIVERS: Palm Oil and derivates, Hardwood, Logistic with good potential for tourism

DRIVERS: Timber, Cocoa, Tourism, Food Processing and related Services

DOOM or BOOM

STILL

SKEPTICAL?

DOOM or BOOM

Investment strategies during economic downturn - Jumpstarting the Recovery through purchase of

distressed properties - Qualifying for a Mortgage as Investor - Being cash rich

CASH IS KING DURING RECESSION TIMES It’s only in your best financial interest to acquire

assets during a recession

DOOM or BOOM History should teach

The last major economic and financial crisis: - Commodity crash 1985-1988 - Asian Financial Crisis 1997-1998 - Dotcom Bust 2000 - US Credit crunch 2008


Commodity crash 1985-1988 - 1980/1983 +50% in values in 3 years - 1984 up to the double = 100% - 1985 marginal growth - 1986/1987 values dropped 30% - 1988/1989 +100% in two years

-30%+100% = +70%


Commodity crash 1985-1988 - 1980/1983 +50% in values in 3 years - 1984 up to the double = 100% - 1985 marginal growth - 1986/1987 values dropped 30% - 1988/1989 +100% in two years

-30%+100% = +70%

YEAR FACTPROFIT

LOSS

1980 Purchase 100

1981-83 +50% 150

1984 +100% 300

1985 +5% 315

1986-87 -30% 220.5

1988-89 +100% 441


Asian Financial Crisis 1997-1998 - 1988 till 1997 consistent growth +100% 9 yrs - 1998-1999 drop -30% from the + 100% values

-30%+100% = +70%


Asian Financial Crisis 1997-1998 - 1988 till 1997 consistent growth +100% 9 yrs - 1998-1999 drop -30% from the + 100% values

-30%+100% = +70%

YEAR FACTPROFIT

LOSS

1988 Purchase 100

1989-1997 +100% 200

1998-'99 -30% 140

2000-'05 +60% 224


DISASTERS ARE

ALWAYS FOLLOWED BY

RECOVERY!

How to contact me:

Through Facebook:

Type my name: Daniele Gambero This is my timeline:

How to contact me:

By email:

[email protected]

mailto:[email protected]

Thank you

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PROPENOMY of Malaysian Property Market Half Year Review and Outlook 2016: Perception Vs. Reality

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