Cautious optimism for Malaysia’s property market recovery as 1H transaction value rose slightly to RM85.37b
News Credit To The Edge
KAJANG (Sept 14): Malaysia’s total property transaction value hit RM85.37 billion — up 1.1% year-on-year — with more than 184,000 transactions recorded, in the first half of 2023 (1H2023), according to a report from the National Property Information Centre (Napic).
During the launch of the report, Deputy Finance Minister I Datuk Seri Ahmad Maslan said the property market was stable in 1H2023, despite a number of headwinds such as inflationary pressures which limited the sector’s growth potential.
“We are cautiously optimistic about the outlook for the second half [of this year]. The property sector is expected to continue its recovery momentum, in line with economic growth. Initiatives envisaged in Budget 2023 will also help support property market activities, in addition to accommodative policies and implementation of initiatives under the 12th Malaysia Plan,” he said.
Residential property saw 114,973 transactions worth RM44.78 billion in 1H2023, contracting slightly by 1% in volume and 1.8% in value from a year ago. Homes in Kuala Lumpur, Penang, Johor, and Selangor accounted for about half of the total volume.
Meanwhile, 17,602 transactions were recorded by the commercial property segment, totalling RM16.76 billion, up by 16% in volume and 19.5% in value.
Selangor contributed the highest volume and value to the national market share, with 26.1% of volume (4,590 transactions) and 26.5% of value (RM4.44 billion).
Number of new residential property launches drops 50.2%
The number of new residential property launches fell significantly by 50.2% to over 16,000 units during the period, from 33,205 units a year ago.
Johor recorded the highest number of new launches, capturing nearly 25.9% (4,286 units) of the total, with sales performance at 34.5%, followed by Selangor (2,978 units or 18% share), with sales performance at 38.6%, and Penang (1,632 units or 9.9% share), with sales performance at 64%.
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