Malaysia's property market to be stable in 2024 with sustained growth over next 3 years - Nga

KUALA LUMPUR: Malaysia’s property market is poised to remain stable in 2024, followed by sustained growth in the next three years, bolstered by various initiatives of the MADANI government under Budget 2024, said Housing and Local Government Minister Nga Kor Ming.

The minister said the property market has demonstrated significant growth and resilience, with individual property counters experiencing up to 600 per cent growth in share price appreciation.

He said the property counters in the stock market were on the rise from January 2023 to June 2024, with 76 out of 100 property counters on Bursa Malaysia experiencing an increase in share prices.

"(Meanwhile,) 22 counters showed a decrease in share prices, (and) two counters maintained their share prices despite fluctuations,” Nga said in a statement.

He noted that among the top counters were DPS Resources Bhd, registering 600 per cent growth in share price, UEM Sunrise Bhd, posting a 347 per cent increase and WMG Holdings Bhd, which appreciated by 326 per cent from January 2023 to June 2024.

"This positive trajectory is expected to continue into the second half of 2024.

"I firmly believe that under the leadership of our Prime Minister Datuk Seri Anwar Ibrahim, our property market will have a bright future in the coming years.

"We must work together to enhance our industry’s reputation and increase the confidence level of investors to make the property market even more resilient,” said Nga.

According to the statement, Malaysia’s property market transactions were valued at RM42.31 billion, with more than 89,000 transactions recorded in the first quarter of 2023 (1Q 2023).

Conversely, it said that in 1Q 2024, property market transactions hit RM56.53 billion, with more than 104,000 transactions, marking an increase of RM14.22 billion in terms of value.

"This significant growth indicates that Malaysia’s property market is recovering well and on the rise,” it added. - Bernama