Miichael Yeoh

Tag: JPPH

  • Malaysia’s Property Market up 34.3% QI 2024 (with detailed transaction records)

    Malaysia’s Property Market up 34.3% QI 2024 (with detailed transaction records)

    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:

  • Malaysia Property Report 2023

    Malaysia Property Report 2023

    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