Malaysia’s property sales surge 23.8% y-o-y to RM105b in 1H2024, says Napic

(From left): INSPEN director Aina Edayu Ahmad, Deputy Finance Minister Lim Hui Ying, Ministry of Finance director general of valuation & property services Abdul Razak Yusak, and Napic director Norhisham Shafie at the launch of Napic’s Property Market Report for 1H2024 and the officiation of Napic’s Silver Jubilee celebration, as well as the International Real Estate Research Symposium 2024 (IRERS 2024) in Kajang on Monday. (Photo by Suhaimi Yusuf/The Edge)

KAJANG (Sept 9): Malaysia’s property transaction value soared to RM105.65 billion in the first half of 2024 (1H2024), marking a 23.8% year-on-year (y-o-y) increase — the highest in five years — according to the National Property Information Centre (Napic).

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).

All property sub-sectors recorded growth, with the residential segment’s transaction value rising 10.4% to RM49.43 billion, followed by a 41.5% increase for commercial to RM23.71 billion, a 23.4% rise for industrial to RM13.50 billion, a 37.8% increase for agricultural to RM9.73 billion, and a 59.3% 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% increase from 184,140 units in 1H2023.

The residential segment contributed an increase of 6.1% to 121,964 units, followed by commercial (up 22.4% to 21,537 units), industrial (up 2.3% to 3,822 units), agricultural (up 6.5% to 38,827 units) and development land (up 12.1% to 12,756 units).  

Speaking at the event here, Deputy Finance Minister Lim Hui Ying said the stronger property market was driven by several supportive government policies.  

This includes the offer of up to RM10 billion in guarantees under the Housing Credit Guarantee Scheme (SJKP), the steady overnight policy rate that has been kept at 3.0%, and fiscal policies such as the extension of the stamp duty exemption period on property transfer documents for first-time homebuyers.

The Malaysian House Price Index (MHPI), which tracks home price trends, stood at 218.7 points, with an average price per unit of RM471,918 in 1H2024, reflecting a moderate annual growth of 0.9%.

“All states witnessed moderate positive growth, except for WP (Wilayah Persekutuan, or Federal Territory of) Kuala Lumpur, which charted a decline of 0.8%. By property type, semi-detached, terrace, and detached remained stable, with positive growth rates of 2.6%, 1.1% and 0.5% respectively, while high-rise apartments showed a marginal decline,” Napic said.