Knight Frank Malaysia group managing director Keith Ooi.
KUALA LUMPUR: The property sector has demonstrated commendable mid-year performance, signalling a promising trajectory for the industry fuelled by strategic developments and growing investor interest, says Knight Frank Malaysia.
Group managing director Keith Ooi cited the robust economic growth, significant investments and adaptive market trends as key catalysts supporting the growth.
“Malaysia continues to show promising prospects, bolstered by strategic investments, infrastructure improvements and evolving market dynamics,” he said.
The global property consultant released its analysis entitled Real estate highlights first half of 2024 yesterday, revealing a dynamic and resilient market across residential, office, retail, hospitality, and industrial sectors.
During the presentation, Amy Wong, executive director of Research and Consultancy, said the high-end high-rise residential segment in the Klang Valley and Johor had seen increased growth in transactions and values.
In the first quarter of 2024, a total of 3,413 residential units were sold for RM2.8bil – a 19.2% increase in volume and a 19.3% rise in value. Three high-end condominium projects were completed during the quarter, adding 1,846 units to the market.“Future completions in the second half of 2024 (2H24) will add some 5,866 units,” she said.
In Johor, growth in transaction volumes and values were recorded in both the condominium, apartment and serviced apartment categories.
“Several high-rise residential projects were launched, reflecting a vibrant market driven by strategic developments such as the upcoming Johor Baru-Singapore Rapid Transit System Link,” she noted. — Bernama
