Malaysia's property market recorded the highest growth in five years in the first half of 2024, surpassing estimates of momentum at the end of last year.
According to the 2024 First Half Property Market report, National Property Information (NAPIC) shows the total value of real estate transactions amounting to RM105.65 billion with 198,906 transactions in the first half.
In addition, the number of transactions increased by 8.0% while the value of transactions jumped by 23.8% compared to the same period last year.
Juwai IQI Chief Executive Officer Kashif Ansari said the industry was recovering from the previous slowdown.
The significant increase in the number and value of real estate transactions in the first half indicates a buoyant real estate market.
He further said that growth in the real estate market was driven by a strong economy, government housing initiatives, and progress in infrastructure trade.
All these factors lead to faster growth in gross domestic product (GDP), employment and household income for Malaysians.
According to NAPIC data, the residential subsector continues to account for the largest share of real estate transactions in the first half of 2024 with more than a fifth of transactions taking place in Selangor.
Residential market activity saw a slight increase of 6.1% in volume with a total of 121,964 transactions worth RM49.43 billion up 10.4% compared to the previous period.
Selangor contributes the highest volume and value to the country's market share, controlling 22.3% of the volume which is 27,174 transactions and 30.6% of the value which is RM15.15 billion.
Meanwhile, unsold residences declined as volume and value declined by 12.3% and 19.5% with a total of 22,642 unsold units valued at RM14.24 billion in the first half.
