News & Articles Affordable Houses To Dominate Property Market In 2016, Says Chua
Affordable Houses To Dominate Property Market In 2016, Says Chua
19 Apr 2016
Affordably priced houses are expected to dominate new property launches this year based on last year's performance, says Deputy Finance Minister Datuk Chua Tee Yong.
He said last year, residential units priced RM500,000 and below accounted for more than 50 per cent of houses launched.
"Overall, new launches are expected to slow down this year to ensure that the market can, from time to time, absorb unsold units,"said Chua when launching the 2015 Property Market Report here today.
He said 362,105 transactions, worth RM149.9 billion, were recorded last year compared with 384,060 units, worth RM163.0 billion, sold in 2014,
Of the total, houses costing RM300,000 and below accounted for 68 per cent of sales while residential properties priced RM300,000 and RM500,000 accounted for 17.3 per cent.
Residential properties fetching RM500,000 and above made up the rest, he said.
"For the first time, house prices registered a negative growth of 0.8 per cent in the fourth quarter of 2015, compared with the previous quarter of the same year, due to various cooling measures and government initiatives to control escalating prices," Chua said.
He was also confident that various housing schemes introduced by the government, including the First Home Deposit Funding Scheme and Bank Simpanan Nasional's Youth Housing Scheme, would provide the much-needed support for first-time house buyers.
He said last year, residential units priced RM500,000 and below accounted for more than 50 per cent of houses launched.
"Overall, new launches are expected to slow down this year to ensure that the market can, from time to time, absorb unsold units,"said Chua when launching the 2015 Property Market Report here today.
He said 362,105 transactions, worth RM149.9 billion, were recorded last year compared with 384,060 units, worth RM163.0 billion, sold in 2014,
Of the total, houses costing RM300,000 and below accounted for 68 per cent of sales while residential properties priced RM300,000 and RM500,000 accounted for 17.3 per cent.
Residential properties fetching RM500,000 and above made up the rest, he said.
"For the first time, house prices registered a negative growth of 0.8 per cent in the fourth quarter of 2015, compared with the previous quarter of the same year, due to various cooling measures and government initiatives to control escalating prices," Chua said.
He was also confident that various housing schemes introduced by the government, including the First Home Deposit Funding Scheme and Bank Simpanan Nasional's Youth Housing Scheme, would provide the much-needed support for first-time house buyers.
Source: Bernama.com
Latest Posts
-
Premier De Muara hands over keys to buyers of Picasso Residence's Tower A
-
M K Land siapkan kompleks pasar RM8 juta di Bukit Beruntung
-
Bina Puri's unit completes drawdown of credit facility for The Main Place Mall
-
Projek 'Senai' Selangor Dredging di Puchong tawar gaya hidup lestari tepi tasik
-
CITIC Construction bawa pelabur tinjau projek di Malaysia