BOTTOM NOWHERE IN SIGHT YET FOR MALAYSIA’S OVERSHOT PROPERTY MARKET: TRANSACTIONS FALL FURTHER IN 2017

PUTRAJAYA – The drop in overall volume of property transactions has slowed down in the first half of 2017 (1H17), falling 6% compared with a decline of 12.3% in 1H16.

The number of property transactions recorded in 1H17 stood at 153,729 units compared with 163,527 units a year ago. This was revealed at the National Property Information Centre briefing on the real estate market for the first half of the year.

However, the overall value of property transactions in 1H17 rose 5% to RM67.8 billion from RM64.6 billion a year ago. In 1H16, the value of property transactions saw a decline of 11.9% from RM73.3 billion in 1H15.

The situation of overhang residential units worsened in 1H17, rising 40% to 20,807 units with a total value of RM12.26 billion. Most of the overhang residential units were condominiums and apartments priced above RM500,000.

– Sundaily

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