News & Articles Malaysia could achieve RM200bil in property sales this year: KPKT
Malaysia could achieve RM200bil in property sales this year: KPKT
8 Oct 2024
KUALA LUMPUR: Malaysia could achieve RM200 billion in property sales by the end of this year, effectively doubling its original target.
The Housing and Local Government Development Ministry (KPKT) initially aimed for RM100 billion in property sales for all of 2024.
However, the National Property Information Centre reported that Malaysia's property transaction value soared to RM105.65 billion in the first half of 2024 (1H2024), marking a 23.8 per cent year-on-year (y-o-y) increase — the highest in five years.
This compares to the RM85.37 billion recorded in the same period last year, Napic said in a statement in conjunction with the release of its Property Market Report for the First Half of 2024 (1H2024) last month.
KPKT minister Nga Kor Ming reportedly said that if this positive trend continues, the government may revise its target upward.
He emphasised that a strong property sector is vital for the economy, as it directly influences over 200 subsectors, including renovations, furniture, retail, and banking services.
According to Napic, all property sub-sectors recorded growth, with the residential segment's transaction value rising 10.4 per cent to RM49.43 billion, followed by a 41.5 per cent increase for commercial to RM23.71 billion, a 23.4 per cent rise for industrial to RM13.50 billion, a 37.8 per cent increase for agricultural to RM9.73 billion, and a 59.3 per cent jump for development land and others to RM9.28 billion. In terms of transaction volume, a total of 198,806 properties were sold in 1H2024, representing an 8.0 per cent increase from 184,140 units in 1H2023.
Meanwhile, Nga announced that to secure future success, the ministry is creating a big data system for the Malaysian property sector.
This software will be accessible to all relevant stakeholders, including developers, enabling them to pinpoint areas that require housing projects, identify the types of homes needed, and determine the preferred price ranges.
Speaking at a press conference on Saturday after handing over keys to 20 homeowners at Ideal Residency in Georgetown, Penang, Nga emphasised that this initiative will ensure development projects align with actual demand, thereby helping to prevent the rise of "white elephant" projects.
The Housing and Local Government Development Ministry (KPKT) initially aimed for RM100 billion in property sales for all of 2024.
However, the National Property Information Centre reported that Malaysia's property transaction value soared to RM105.65 billion in the first half of 2024 (1H2024), marking a 23.8 per cent year-on-year (y-o-y) increase — the highest in five years.
This compares to the RM85.37 billion recorded in the same period last year, Napic said in a statement in conjunction with the release of its Property Market Report for the First Half of 2024 (1H2024) last month.
KPKT minister Nga Kor Ming reportedly said that if this positive trend continues, the government may revise its target upward.
He emphasised that a strong property sector is vital for the economy, as it directly influences over 200 subsectors, including renovations, furniture, retail, and banking services.
According to Napic, all property sub-sectors recorded growth, with the residential segment's transaction value rising 10.4 per cent to RM49.43 billion, followed by a 41.5 per cent increase for commercial to RM23.71 billion, a 23.4 per cent rise for industrial to RM13.50 billion, a 37.8 per cent increase for agricultural to RM9.73 billion, and a 59.3 per cent jump for development land and others to RM9.28 billion. In terms of transaction volume, a total of 198,806 properties were sold in 1H2024, representing an 8.0 per cent increase from 184,140 units in 1H2023.
Meanwhile, Nga announced that to secure future success, the ministry is creating a big data system for the Malaysian property sector.
This software will be accessible to all relevant stakeholders, including developers, enabling them to pinpoint areas that require housing projects, identify the types of homes needed, and determine the preferred price ranges.
Speaking at a press conference on Saturday after handing over keys to 20 homeowners at Ideal Residency in Georgetown, Penang, Nga emphasised that this initiative will ensure development projects align with actual demand, thereby helping to prevent the rise of "white elephant" projects.
Source: NST.com.my