Welcoming news to all property buyers.

Malaysia’s real estate market continues to thrive, with 104,297 transactions valued at RM56.53 billion recorded in the first quarter of 2024 (1Q24). This marks a 34.3% increase from the same period in 2023, which saw 89,024 transactions worth RM42.11 billion.

“The government aims to ensure that economic planning, which integrates catalytic projects with inclusive development, will sustain long-term growth in the real estate market,” Amir Hamzah remarked in a statement today.

Valuation and Property Services Department director-general Abdul Razak Yusak attributed the strong performance to significant increases in transactions across all subsectors, particularly commercial real estate (up 51.5%) and agricultural land (up 64.2%).

“Government initiatives, such as extending the stamp duty exemption for first home purchases up to RM500,000 until December 2025, have been pivotal in boosting the real estate market,” he added.

In terms of subsector growth, commercial real estate led with a 33.4% increase, followed by residential at 16.6%, agricultural at 13.7%, and development land at 10.7%.

Additionally, the number of unsold completed residential properties (overhang) decreased to 24,208 units valued at RM16.49 billion, compared to 25,816 units valued at RM17.68 billion in the fourth quarter of 2023 (4Q23).

“Preliminary data for the Malaysian House Price Index (MHPI) in 1Q24 showed a slight increase to 216.9 points (RM467,997 per unit), reflecting an annual growth rate of 0.5%. Most states experienced moderate growth between 0.5% and 4.6%, except for Kuala Lumpur, Penang, Perak, Melaka, and Sarawak,” Abdul Razak noted.

Here are the detailed transaction records: