Property market to recover in 2022

KUALA LUMPUR: A strong recovery in 2021 from 2020 has signalled a return of consumer confidence and an improved property market this year, said the Malaysian Institute of Estate Agents (MIEA).

In a statement, MIEA president Chan Ai Cheng said that more importantly, the public must take heed of the fact that the house price index has seen a significant increase to RM320,000 from RM295,000 in 2020.

The volume of transactions for 2021 rose by 1.5% to 300,497 units with a value of RM144.87bil, an increase of 21.7% over the same period last year, she said.

“The percentage increase may seem small but it signifies recovery. The last quarter of 2021 had seen a sparked increase in the volume of transactions amounting to 99,462 units, which we believe could be largely due to the Home Ownership Campaign incentives which ended in December 2021,” she noted.

As in previous years, Chan shared that the residential sector was the strongest, contributing 66.2% with 198,812 transactions with a value of RM76.9bil, while the agriculture sector recorded 18.9%. — Bernama

and the commercial sector contributed 7.5% of transactions.

The following states contributed in excess of 50% of the total transactions, namely Selangor (61,507), Perak (36,893), Johor (36,145) and Kedah (25,077), she said.

A total of 43,860 new residential properties were launched in 2021, comprising 31,678 (43.3%) landed properties and 13,182 (25.9%) high-rises. - Bernama