JPPH statistics showed the market have taken an upward turn with a positive growth of 6.4% year-on-year as at the third quarter 2019, an improvement from 2018’s 0.6% growth.
Value transactions held steady with a growth of 2.1%, bridging third quarter 2019’s overall number of 243,358 transactions to be worth RM102.9bil.
In reflecting back on the past decade, market downturn was at its worst between 2013 to 2017 with percentage drops ranging between 6% to 12% for Malaysia’s total market activities.
Being the largest market sector, the existing supply of residential units for Malaysia stood at about 5.69 million units by third quarter after an increase of more than 142,000 units year-on-year.
Unsold units remain a hot issue with the latest statistics as at third quarter revealing a total of 31,092 residential overhang units worth RM18.96 bil.
Looking at the overall dwelling-type properties which includes serviced apartments and SOHO units to the pure residential units, the total overhang number amounts to 50,008 overhang units wirth RM34bil sitting idle in the market.
Johor holds the highest count of overhang units at 18,517 units followed by Selangor at 7,226 units and Kuala Lumpur at 5,170 units.
In an effort to spur the property market whilst reducing the overhang burden, the Housing Ownership Campaign (HOC) 2019 ran for the whole year and had requested in 31,415 housing units worth RM23.3bil sold.
