How did the 1998 Asian financial crisis impact property prices?

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The 1998 Asian Financial Crisis Led to a 9.4 Per Cent Drop in Overall Malaysian House Price Growth

During the 1998 Asian financial crisis, Malaysia experienced a significant downturn in its property market, with overall house price growth declining by 9.4 per cent. This period saw varied impacts across different property types, with detached homes experiencing the most substantial decrease in value. The crisis, which was primarily financial in nature, led to a notable contraction in property values.
Detached Homes Suffered the Largest Price Declines

Detached homes were the most affected property segment during the 1998 Asian financial crisis, with their prices falling by 13.6 per cent. This significant drop indicates a greater vulnerability of larger, detached properties to financial shocks compared to other housing types.
Terrace Houses Showed Relative Resilience

In contrast to detached homes, terrace houses demonstrated greater resilience during the financial crisis. Their prices saw a more modest decline of 4.8 per cent, suggesting that these types of properties were less susceptible to the severe price drops experienced by detached units.
High-Rise Properties Also Remained Relatively Stable

Similar to terrace houses, high-rise properties also exhibited a degree of stability during the 1998 Asian financial crisis. These properties experienced a decline of 6.2 per cent, which was considerably less severe than the drop observed in detached homes.

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How did the 1998 Asian financial crisis impact property prices?

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