IPOH: Malaysia’s total property transaction value last year reached RM217.46bil, surpassing the RM100bil target set, says Nga Kor Ming.
The Housing and Local Government Minister said the figure represented a significant increase compared to previous years.
“In 2022, the property transaction value stood at RM179.07bil, while in 2023, the transaction recorded was RM196.83bil.
“There was a 10.48% increase in the value from the year 2023 to 2024,” he told a press conference after the Perak Chinese Chamber of Commerce and Industry (PCCCI) Chinese New Year open house at a hotel here yesterday, which was attended by Prime Minister Datuk Seri Anwar Ibrahim..
At the event, PCCCI president Datuk Liew Chee Ming received a mock cheque for RM100,000 as part of a donation from the Housing and Local Government Ministry. The cheque was handed over by Perak Mentri Besar Datuk Seri Saarani Mohamad.
Nga said this growth reflected the strength of the national property sector, driven by several key factors, including low interest rates, positive investor sentiment, and an increasingly stable economic outlook.
He said the confidence of both the local and foreign investors in Malaysia’s property market has continued to rise.
Nga said the property sector has recovered fully, by further strengthening the sector’s position as 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 that the government was on the right track to stabilising the economy, with steady growth.
For this year, he said the property sector is expected to continue maintaining its positive growth trajectory with various new initiatives introduced in Budget 2025, including income tax relief on home loan interest payments and an additional RM10bil allocation for the Housing Credit Guarantee Scheme (SJKP) to help more people own homes.
“With continued supportive policies and strong confidence in economic growth, Malaysia’s real estate sector is expected to continue expanding, making 2025 another year full of opportunities and progress,” he said.
