Property transactions in Malaysia dropped both in terms of value and volume during the first nine months of the year, reported Bernama.
Notably, the volume of transactions within the commercial, residential, agricultural and industrial property segments fell 12 percent to 240,000 over the same period last year, said Deputy Finance Minister Datuk Lee Chee Leong.
In terms of value, transactions declined 16 percent year-on-year to RM95.37 billion during the period under review.
“Overall, the housing market has indeed softened since the government introduced a slew of cooling measures to curb speculations and rein in the rapid rise in house prices,” said Lee at the opening of the International Real Estate Federation (Fiabci) Premium Property Showcase 2016.
Organised by the Fiabci Asia Pacific Regional Secretariat, the five-day event showcased 53 property projects in Johor, Genting, Penang, Seremban and the Klang Valley. It also featured talks on property auctions, development and updates.
In the first nine months of 2016, the value and volume of residential property transactions decreased by 11 percent and 14 percent respectively, he said.
In fact, the National Property Information Centre registered almost 152,000 residential transactions worth RM48.36 billion during the period.
The decline – which ranged at between 14 and 21 percent – was witnessed across areas such as Selangor, Kuala Lumpur, Penang and Johor.
Commenting on the price range, Lee said affordable home prices remained at less than RM500,000, with sales accounting for around 80 percent of total residential transactions.
“With housing loans for the civil to be increased to RM750,000, (unveiled in Budget 2017), I believe this would benefit both civil servants and housing developers.”
Image sourced from Wellington Property Blog
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
