KUALA LUMPUR: The secondary property market in the country has good potential as the prices of the houses could be 30-40 per cent lower than the new ones, said the Malaysia Institute of Estate Agents (MIEA).

Its president, Siva Shanker, said many people were unaware of the hidden ‘gems' in the secondary property market.

The buyers should should explore them instead of complaining and whining about the escalating prices of new houses, he said.

"The data have proven that property prices in the secondary market are very much similar to those in the primary market and if comparisons are made in terms of location and size, they are much cheaper and affordable.

"So if you can compromise and buy an old house, you can still save more money, although you might need to spend some to renovate or beautify the house.

"I'm disappointed at the mass media for highlighting too much on new property launches and the people's attitude that new properties are always the best options and forego the secondary market," he told Bernama yesterday after the media briefing on the Property Outlook Conference 2015 (POC 2015), which would be held from Jan 10-11, 2015 here.

Siva said MIEA has organised the Malaysian Annual Secondary Property Exhibition in some major cities, offering affordable options and range for people from all walks of life to buy a property.

On going the auction property, Siva said they (homebuyers) needed to be more careful because there were many uncertainties.

"Sometimes you cannot even see the house, so you don't know what damages have been done to the house, how much utility bills, quit rent and assessment that have not been paid.

"The owner of the property also won't be easy on you because he has lost his house and cannot pay back to the bank, and for him, you are his enemy for buying his house," he said. - Bernama