Rehda: Property transactions on uptrend

Total transactions in 1Q24 rose 17% year-on-year, Rehda's Fong said.

PETALING JAYA: The Real Estate and Housing Developers’ Association (Rehda) maintains a bullish view on the property sector following an uptrend in transactions in the first quarter of 2024 (1Q24).

Total transactions in 1Q24 rose 17% year-on-year, said Rehda Federal Territories (Kuala Lumpur) chairperson Carrie Fong.

According to the National Property Information Centre, 104,297 units were sold in 1Q24 nationwide as compared to 89,024 units in 1Q23, with the majority of the sales coming from the residential sub-sector at 60.2%.

This was followed by the agricultural sub-sector at 20.5%, commercial at 10.9%, development land as well as industrial sub-sector at 6.5% and 1.9% respectively.

The property market has a good range of projects as developers are more in tune with different trends in the market, while providing a variety of options and packages for homebuyers, according to Fong.

“The property sector is seeing an uptick not only in the Klang Valley but all around the country, especially in Penang and Johor,” she told StarBiz after the press conference of the Malaysia Property Exposition (Mapex) 2024 here yesterday.

Mapex 2024 will be held at Mid Valley Exhibition Centre, Mid Valley Megamall, Kuala Lumpur from June 21-23.

On the rising price of raw materials: Fong said: “I think these are external factors that we cannot control. But we put the buyers in mind when it comes to selling prices. I think as developers, we are looking to find that balance.”

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