Report: Malaysian Property Market Hits 5-year High In 1h2024

PUTRAJAYA, Sept 9 (Bernama) -- The Malaysian property market in the first half of 2024 (1H2024) has achieved its best performance in the past five years, showing significant growth in both transaction volume and value, according to the Valuation and Property Services Department (JPPH).

In its property market report released today, the department said that in 1H2024, transactions increased by eight per cent to 198,806, with the total value rising by 23.8 per cent to RM105.65 billion compared to the same period in 2023.

In a statement today, Deputy Finance Minister Lim Hui Ying said the property market’s performance in 1H2024 was driven by Malaysia’s strong economic growth of 5.9 per cent, demonstrating that the country is on the right path towards achieving its economic transformation goals as outlined in the MADANI Economy framework.

She attributed this growth to the continued government support through measures under Budget 2024, including RM10 billion in guarantees under the Housing Credit Guarantee Scheme, maintaining the overnight policy rate (OPR) at 3.0 per cent, and extending the stamp duty exemption period for first-time homebuyers.

Lim also presided over the International Real Estate Research Symposium (IRERS 2024) and the National Property Information Centre (NAPIC) silver jubilee celebration at the National Institute of Valuation (INSPEN), in Kajang, Selangor, today.

The report noted strong growth in all property market subsectors: residential (6.1 per cent), commercial (22.4 per cent), industrial (2.3 per cent), agricultural (6.5 per cent), and development land (12.1 per cent).

Transaction values also increased significantly across these subsectors, particularly in commercial (41.5 per cent) and development land (59.3 per cent).

“Construction activity for residential properties showed positive growth at all stages, reflecting a robust property market aligned with MADANI Economy aspirations. However, risks and challenges remain due to global economic uncertainties.

“To stimulate the property market, the government has introduced initiatives under the MADANI Economy framework, including easing requirements for the Malaysia My Second Home (MM2H) programme, developing the Johor-Singapore Special Economic Zone, and rolling out the New Industrial Master Plan (NIMP) 2030,” Lim said.

The Johor Bahru–Singapore Rapid Transit System Link and the Pan Borneo Highway in Sabah and Sarawak are expected to further boost the national property market, she said.

The full report is available on the NAPIC portal at https://napic2.jpph.gov.my. 

-- BERNAMA