Qualampur: The Department of Evaluation and Property Services under the Finance Ministry recently released its property market report for 2024, which revealed a historic high property transactions of property transactions in the country.
The entire year data for the Malaysian property market confirmed the strong market performance, as exposed to their annual publication release by Rehim & Co. last month. In 2024, the total volume (number) of property transactions in Malaysia was 420,545 transactions in all property sub -sector, which reflects a high growth rate of 5.4% from the previous year.
This was the highest in the last decade, and the third highest since the turn of the millennium. The other two high periods were during the previous Malaysian property market peaks in 2011 and 2012, where it recorded 430,403 and 427,520 transactions respectively.
The total value of property transactions for 2024 showed an even more important level, which violates RM200 billion for the first time in history. The total value for RM232.3 billion translates to a year-by-year increase of 18%.
The total value of transactions, among others, includes transactions records based on sales and purchase agreements from primary sales by developers, which may include prices before exemption and exemption. Nevertheless, record high figures, will be important even after these adjustments – indicate a better market status.
The national level improvement in all property sectors is clear that residential transactions +4%, commercial 13.6%, industrial 7.7%, agriculture +4.1%and development land and development land and others are growing with development at 9.7%. The speed of growth seen in 2024 reflected a growing market confidence in association with supporting government policies and various incentives, despite global uncertainties and challenging environment. Performance is considered very encouraging because buyers’ spirit is still mixed and alert – because many people face challenges of rising costs and reduce the increase in income between strength concerns.
Due to strong transactions increase, the number of unusold full properties, or the number of overhang properties is reduced.
Given the biggest component of overhang units, residential overhang declined by 10.3%. Residential and serving apartment units, as plus soho units, are mostly purchased for living housing purpose, we collectively classify them as housing units. As a whole, overhang data for these housing units (residential, serving apartments and soho) has seen a decline of 7.7% from the previous year, which is an amount of 44,585 units in 2024 with RM30.79 billion.
