MELBOURNE: Housing and Local Government Minister Nga Kor Ming (pic), reaffirmed the resilience of Malaysia’s real estate sector as the property market recorded its highest transaction volume and value in the past decade.
According to the Property Market Report 2024, the volume and value of property transactions in Malaysia increased by 5.4% and 18.0%, respectively, reaching 420,545 transactions worth RM232.30bil, compared with 399,008 transactions worth RM196.83bil in 2023.
“This remarkable growth is driven by low interest rates, political stability, clear govt policy and increased investor confidence on both domestic and international fronts,” said Nga.
“While we celebrate this achievement, we remain dedicated to ensuring housing affordability and empowering first-time homebuyers under the leadership of Prime Minister Datuk Seri Anwar Ibrahim,” he added.
“Demand for affordable housing remains strong, and we have already achieved 93.9% of our target to build and approve 500,000 affordable homes under the 12th Malaysian Plan.
“We are confident in meeting this goal by the end of the year.”
“The Madani government has introduced a series of incentives such as tax rebates for housing loan interest payments and an additional allocation of RM10bil under the housing credit guarantee schemes.”
“Additionally, Bank Negara has kept the overnight policy rate low at 3% and the Employees Provident Fund also announced an impressive dividend rate of 6.3%.
“Through these good news, we hope to enable more Malaysians to realise their dream of owning a home.”
According to the report, 260,516 residential property transactions worth RM106.92bil were recorded in 2024, compared to 250,586 transactions worth RM100.93bil in 2023.
Meanwhile, homes priced at RM300,000 and below accounted for 52.5% of total residential transactions.
Nga further noted that the ministry would continue to work closely with industry stakeholders, developers, and financial institutions through the 4P model or People-Public-Private Partnerships to sustain the growth and ensure housing remains within reach for all Malaysians.
