November 13, PUTRAJAYA – The unsold completed residential units rose by 40% to 20,807 units in the first half of 2017 (1H17) compared to the same period last year, said Deputy Finance Minister, Datuk Lee Chee Leong at the Real Estate Market Briefing 2017 here today.
He said the units were worth RM12.26 billion.
He added, “Condominiums and apartments costing over RM500,000 dominate the overhang homes in Malaysia“.
Lee also commented that locations and pricing of residential units also contributed to the overhang.
In Kuala Lumpur, properties worth RM300,000 were considered affordable but these might vary by states, he said.
“Local authorities need to carry our market research using statistics and indicators from the Valuation and Property Services Department under the Ministry of Finance before considering for approval to develop properties. The same recommendations are also to proposed to property developers so that the right decisions are made to ensure the sustainability of the nation’s real estate market,” he said.