RESIDENTIAL PROPERTY MARKET RECORDS OVER 70,000 TRANSACTIONS IN 3Q, HIGHEST IN 10 YEARS - JPPH

KUALA LUMPUR, Dec 10 (Bernama) -- The country's residential property market in the third quarter of 2024 (3Q 2024) recorded 70,520 transactions, the highest in 10 years, with a value of almost RM29 billion, an increase of 2.9 per cent in terms of number and 1.3 per cent in transaction value compared to the same period in 2023. 

Valuation and Property Services Department (JPPH) director-general Abdul Razak Yusak said the residential sub-sector continued to dominate market activity, contributing more than 60 per cent of the number of property transactions in the country. 

Overall, the performance of the Malaysian property market in 3Q 2024 continued to be strong, with the number and value of transactions increasing to 112,305 transactions worth RM57.31 billion, respectively. 

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The marginal increase in the number of transactions of 3.1 per cent was also offset by a slight increase of 0.3 per cent in transaction value compared to the same period in 2023. 

"This strong property market performance is supported by positive growth in the number of property transactions across all sub-sectors, encouraging growth in construction activities and a consistent decline in unsold completed residential units (overhang) since 1Q 2024," he said in a statement.

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Residential Subsector Maintains Growth Momentum

The residential sub-sector in the price range of RM300,000 and below dominated the country's residential market activity by recording 53.4 per cent (37,689 transactions), followed by houses in the price range of RM300,001 to RM500,000 at 23.8 per cent (16,790 transactions) and RM500,001 and above at 22.8 per cent (16,041 transactions). 

Abdul Razak explained that Selangor contributed the highest number and value of transactions, dominating 21.1 per cent of the number of transactions at 14,902 and 29.2 per cent of the value at RM8.40 billion. 

Johor ranked second highest with 17.9 per cent in number (12,616 transactions) and 20.2 per cent in value (RM5.81 billion). 

By property type, demand remains focused on terraced houses, which dominate almost 42 per cent of the country's residential transactions. 

"The government's ongoing initiatives and support, such as improving the flexibility of application requirements for the Malaysia My Second Home (MM2H) programme and the exemption of stamp duty on transfer documents for the purchase of a first home, have been a catalyst for a stronger property market," he said. 

Meanwhile, the performance of unsold completed residential units (overhang) also showed better momentum. 

Unsold completed residential units recorded a marginal decrease of 3.0 per cent and 2.8 per cent in number and value, respectively, to 21,968 units worth RM13.85 billion, compared to the same period in 2Q 2024.

Construction Activity Segment

For the construction activity segment, residential property showed encouraging performance as completions, starts, and new planned supply showed positive growth, growing by 4.6 per cent, 27.6 per cent and 37.1 per cent, respectively, compared to the same period a year ago.

However, the situation differed in the newly launched segment, with a slight decline in 3Q 2024. 

New residential launches recorded 13,708 units, compared to 18,974 units recorded in 2Q 2024, with 42.6 per cent being houses priced between RM500,001 and RM1 million.

-- BERNAMA