System for civil servants to check home prices launched

The House Price Review System For Civil Servants was launched as a guide for civil servants to determine current house prices.

In his speech at the launch here, Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah said the development of the system was timely because currently, there were many real estate portals displaying various real estate sales advertisements with various prices.

"This is very misleading because the price quoted is the 'asking price' that the seller wants and not the traded price in the market," he said.

Developed by the Valuation and Property Services Department (JPPH), civil servants would be able to review the prices of houses transacted in the market by type and location through the system, he said, adding that it could be used when applying for the public sector and current financing to dispose of residential property.

The system will provide guidance to civil servants to get the price of the residential property to be purchased before the loan application is made.

"However, the price shown still needs to be confirmed by a professional before the price is finalised," said Mohd Irwan Serigar.

(Source: iProperty)