23 September, KAJANG – The property sector recorded 160,172 transactions worth RM68.30 billion in the first half of this year, 6.9 per cent higher in terms of volume and 0.8 per cent higher in value over the same period last year, the Ministry of Finance (MoF) said.
Deputy Finance Minister Datuk Wira Amiruddin Hamzah said the property sector recorded 149,862 transactions worth RM67.74 billion in the first half of last year.
He said the residential sub-sector continued to drive the market, accounting for over 60 per cent of total transactions and nearly 51 per cent in terms of value.
“The real estate market performance increased in line with the economic growth momentum in the first half of 2019,” he told a press conference after announcing the real estate market performance in the first half of this year, here today.
The data on the property sector were collected by the National Property Information Centre, a unit under the MoF.
It said the residential property segment registered 99,922 transactions worth RM34.65 billion, an increase of 6.1 per cent in volume and 9.5 per cent in value, with all states posting higher market volume except for Labuan and Perak.
The Malaysian House Price Index continued to increase at a moderating trend of 194.8 points in the second quarter of this year, up 0.9 per cent on an annual basis.
The commercial property segment, on the other hand, recorded 12,960 transactions worth RM12.53 billion, up 20.4 per cent in volume but its value declined 20.8 per cent, with all states recording higher market volume except for Putrajaya.
Amiruddin said the Malaysian property market is expected to remain resilient in the second half of this year, underpinned by the strong gross domestic products growth of 4.9 per cent in the second quarter and several government-driven initiatives to further support market activities in the housing sector.
“The government’s effort to ensure that the people are able to own a home will continue to be intensified, including the latest initiative through the Home-Ownership Campaign launched this year.
“Statistics from the National Housing Department showed that (so far) over 8,000 residential units worth about RM6.0 billion have been,” he added.