Property Transactions Hit RM217.46 Bln In 2024, Far Exceed Initial Target - Nga Kor Ming

IPOH, Jan 31 (Bernama) -- Malaysia’s real estate transactions value hit RM217.46 billion in 2024, far exceeding the initial target of RM100 billion set at the beginning of the year, said Minister of Housing and Local Government, Nga Kor Ming.

He said this remarkable achievement shows a significant increase compared to previous years, whereby the total real estate transactions in 2022 amounted to RM179.07 billion, while 2023 recorded RM196.83 billion.

"This increase reflects the strength of the country's real estate sector, driven by several key factors including low interest rate, positive investor sentiment, and increasingly stable economic prospects.

"Apart from that, the confidence of both local and foreign investors in the Malaysian real estate market continues to grow, strengthening the position of this sector as one of the main contributors to the nation's economy," he said.

He made this statement at a press conference after attending a Chinese New Year Open House organised by the Perak Chinese Chamber of Commerce and Industry today, which Prime Minister Datuk Seri Anwar Ibrahim also attended.

Meanwhile, Nga said the total number of development advertising permit licenses approved by the National Housing Department in 2024 amounted to 195,962 units, with a gross development value (GDV) of RM130.55 billion.

For this year, he said the property sector is expected to continue maintaining its positive growth trajectory with various new initiatives introduced in Budget 2025, including income tax relief on home loan interest payments and an additional RM10 billion allocation for the Housing Credit Guarantee Scheme (SJKP) to help more people own their homes.

"With continued supportive policies and strong confidence in economic growth, Malaysia's real estate sector is expected to continue expanding, making 2025 another year full of opportunities and progress," he said.

-- BERNAMA