IPOH: Total property transaction value last year reached approximately RM217.46bil, more than double the RM100bil target for the year, says Nga Kor Ming.
The Housing and Local Government Minister said this reflected the strength of the national property sector, attributing the growth to several factors, including low interest rates, positive investor sentiment, and an increasingly stable economic outlook.
“In 2022, the property transaction value stood at RM179.07bil, while in 2023, the transaction recorded was RM196.84bil.
“There is a 10.48% increase in the value from the year 2023 to 2024,” he told a press conference after Prime Minister Datuk Seri Anwar Ibrahim attended the Perak Chinese Chamber of Commerce and Industry (PCCCI) Chinese New Year open house at Weil Hotel here on Friday (Jan 31).
Nga also pointed out that the confidence of both local and foreign investors in Malaysia’s property market continues to rise.
He said the property sector is enjoying robust recovery from setbacks by the pandemic and its resulting impacts, to being a major contributor to the national economy.
“The total value of development advertising permits approved by the National Housing Department in 2024 recorded 195,962 units with a gross development value (GDV) of RM130.55bil.
“Moving into 2025, the property sector is expected to maintain its positive growth trajectory with various new initiatives introduced in Budget 2025,” he added.
Nga said this showed that the government is on the right track to stabilising the economy.
