PUTRAJAYA: The property market has achieved record performance during the the first half of 2024 (1H24), showing significant growth in both transaction volume and value, according to the Valuation and Property Services Department.
In its property market report released yesterday, the department said transactions increased by 8% to 198,806, with the total value rising by 23.8% to RM105.65bil compared with the same period in 2023.
In a statement, Deputy Finance Minister Lim Hui Ying said the property market’s performance in 1H24 was driven by Malaysia’s strong economic growth of 5.9%, demonstrating that the country is on the right path towards achieving its economic transformation goals as outlined in the Madani Economy framework.
She attributed the growth to the continued government support through measures under Budget 2024, including RM10bil in guarantees under the Housing Credit Guarantee Scheme, maintaining the overnight policy rate at 3% and extending the stamp duty exemption period for first-time homebuyers.
The report noted strong growth in all property market subsectors: residential (6.1%), commercial (22.4%), industrial (2.3%), agricultural (6.5%), and development land (12.1%).
Transaction values also increased significantly across these subsectors, particularly in commercial (41.5%) and development land (59.3%).
“Construction activity for residential properties showed positive growth at all stages, reflecting a robust property market aligned with Madani Economy aspirations.
“However, risks and challenges remain due to global economic uncertainties.
“To stimulate the property market, the government has introduced initiatives under the Madani Economy framework, including easing requirements for the Malaysia My Second Home programme, developing the Johor-Singapore Special Economic Zone, and rolling out the New Industrial Master Plan 2030,” Lim pointed out.
The Johor Baru-Singapore Rapid Transit System Link and the Pan Borneo Highway in Sabah and Sarawak are expected to further boost the national property market, she said. — Bernama
