Explore the Valuation and Property Services Department’s report on a substantial 22.6% increase in 3Q 2023 real estate transactions, totaling RM57.15 billion. Discover key trends and insights.
KUALA LUMPUR, 15th Nov 2023 – In the third quarter of 2023, real estate transactions experienced a significant surge, marking a remarkable 22.6% increase and reaching a total value of RM57.15 billion. This surge can be attributed to a rise in major sales ownership transfers, as detailed by the Valuation and Property Services Department (JPPH).
Comparing this to the corresponding period in 2022, the transaction volume saw a modest uptick of 3.7%, totaling 108,955.
Abdul Razak Yusak, the Director-General, highlighted the resilience of the residential sub-sector, constituting 62.9% of total transactions and valued at RM28.36 billion. Terraced housing emerged as the predominant category, representing 43.4% of total residential transactions.
Within the market, houses priced at RM300,000 and below dominated, capturing a substantial 52.4% share. The third quarter also witnessed a notable increase in new residential launches.
Selangor led in the number of new launches, contributing to an overall improved sales performance.
Concerning the overhang of unsold completed houses, there was a 3.7% drop in volume and a 4.9% reduction in value. Over 62.2% of these unsold residences were priced at RM500,000 and below.
The stability of housing prices in Malaysia was underscored, with the Malaysian House Price Index (IHRM) reporting a minimal annual growth rate of 0.1% in the third quarter of 2023.
Terraced houses demonstrated stable growth with a modest 0.8% increase, while private custom-built offices reported a rise in occupancy to 72.7%, although unoccupied office space remained high at 5.02 million square meters.
Abdul Razak further noted, “All states experienced moderate growth, between 0.1% and 4.0%, except for Selangor, Pahang, Kelantan, and Sarawak, which showed a decrease between 0.7% and 1.6%.
