In 2023, Malaysia’s property market surged, boasting more than 399,000 transactions totaling nearly RM200 billion, marking a notable 2.5% uptick in transactions and a substantial 9.9% increase in overall value compared to the previous year.

Good news, there is a promising decline in unsold residential properties, dropping to 26,000 units valued at RM17.7 billion from 28,000 units worth RM18.41 billion in 2022.

Further buoying this optimism, the Valuation and Property Management Department (JPPH) reported a palpable uptrend in property transactions across various subsectors. Residential transactions saw a notable 7.1% increase, while commercial, industrial, agricultural, and development land and other subsectors experienced growth rates of 17.5%, 13.1%, 4.6%, and 13.8%, respectively, compared to 2022.

Moreover, JPPH noted a significant uptick in new residential launches, up by 4.4% to 56,526 units in 2023 compared to 54,118 units in 2022. Impressively, these launches exhibited improved sales performance, with a surge to 40.4% from 36% in the previous year.

Meanwhile, the Malaysia House Price Index (MHPI) registered at 216.5 points (equating to RM467,144 per unit) in 2023, indicating moderate annual growth of 3.2%. This stable growth trajectory underscores the resilience and attractiveness of Malaysia’s property market amidst evolving economic dynamics.

Here are the Property Market 2023 snapshot by JPPH

From the desk of Miichael Yeoh