Malaysia's property sector is expected to remain on the upside for the next few years, backed by a healthy market.

Speaking at the opening of the Malaysian Annual Real Estate Convention 2008 (MAREC 08) on Saturday, organising chairman Siva Shankar commented that the scenario is likely to continue - despite the increase in real estate prices throughout the country - especially in prime locations.

In fact, there are estimatedly more than 3.9 million residential units, 320,570 shops, 8.12 million sq ft retail space offered by 596 complexes and 14.7 million sq ft office space still unsold in the country.

Siva noted that since January 2007, demand for properties has gradually shifted to high-end ones, and this has helped raise their value by 30 to 40 per cent. Popular vicinities for such properties include the Kuala Lumpur City Centre (KLCC), Mont' Kiara, Bangsar and Damansara in the Klang Valley.

Meanwhile, Malaysian Institute of Estate Agents (MIEA) president, K. Soma Sundram advised Malaysian real estate agents to forge smart partnerships with their foreign counterparts to tap the regional property scene. He went on to add that local agents should not only focus on the local market, but also take the opportunity to create a `regional brand' through such partnerships.

K. Soma Sundram cited Vietnam and Cambodia as examples of ASEAN countries that require the expertise and experience, which Malaysian property players can offer.

MAREC 08 was officiated by Housing and Local Government Minister Datuk Seri Ong Ka Ting.