Property Market Hits Decade-High Record In 2024 – Amir Hamzah
KAJANG, Feb 26 (Bernama) -- The property market recorded an outstanding performance in 2024, with both transaction volume and value reaching the highest levels in a decade, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said the number of transactions grew by 5.4 per cent to 420,545 transactions, while transaction value surged by 18.0 per cent to RM232.30 billion in 2024, compared to 399,008 transactions worth RM196.80 billion in 2023.
“The primary market also saw a strong increase of 34.1 per cent to 75,784 units, with a sales performance of 37.3 per cent for 2024,” he said at the launch of the 2024 Property Market Report today.
Additionally, he noted a positive trend in the residential overhang segment, with unsold completed units declining to 23,149 units worth RM13.94 billion, compared to 25,816 units worth RM17.68 billion in 2023.
The report was prepared by the National Property Information Centre (NAPIC).
According to the report, the Malaysia House Price Index recorded moderate growth of 3.3 percent last year, with the average price per unit at RM486,678.
Amir Hamzah noted that all states experienced moderate growth ranging from 0.6 percent to 5.5 percent, with semi-detached houses leading at 4.1 percent, followed by terraced houses at 3.6 percent, detached houses at 2.6 percent, and high-rise buildings at 2.3 percent.
"Aside from being driven by strong economic growth of 5.1 percent, the positive performance of the property market in 2024 was underpinned by various government initiatives to boost Malaysia’s economy and stimulate the property market nationwide under the MADANI Economic Framework," he said.
According to Amir, initiatives contributing to this growth included easing application requirements for the Malaysia My Second Home programme, the implementation of key industrial projects in the northern region, the launch of the the New Industrial Master Plan 2030, and the establishment of the Forest City Special Financial Zone.
He added that the national economy, which is projected to grow between 4.5 per cent and 5.5 per cent this year supported by sustained transaction activities and growth in the property construction sector, is expected to maintain a strong property market performance in 2025.
"I am confident that all the commitments and incentives introduced by the MADANI government will benefit the people while helping the property market achieve even stronger performance in 2025," he said.
Additionally, Amir urged all stakeholders, particularly developers, planners, and approval agencies, to continue referring to the data provided through NAPIC's interactive portal.
"Given the importance of the information published by NAPIC to the property industry, I urge all data providers to supply accurate and precise information to NAPIC," he added.
--BERNAMA
