According to Malaysia Property Market Report First Half 2023 by National Property Information Centre (NAPIC), the residential property segment continued to drive the market in the first half of 2023, contributing more than 60% of the total transaction volume and nearly 53% of the total transaction value.
However, the volume of transactions for the residential property segment showed a marginal decrease of 1.0% to 114,973 in the first half of 2023 versus 116,178 in the corresponding period last year. The residential transaction value trend also shows a slight decrease of 1.8%, from RM45.62 billion to RM44.78 billion.
The marginal reduction in the transaction volume and value in the first half of 2023 suggests that the market is still relatively healthy, although there may be some cooling off in demand.
The number of residential properties transacted in Malaysia in the first half of 2023 showed a mixed trend, with some states recording an increase in market volume while others experienced a decline. All states recorded a low market volume except for Johor, Negeri Sembilan, Perlis and Kedah.
The four states have shown an increase in market activity by 39.9%, 14.6%, 3.2%, and 4.3%, respectively, offset the overall decline.
For the first half of 2023, Johor recorded 17,962 transactions against 12,836 in the previous year, while Negeri Sembilan recorded a total of 8,371, adding 1,066 transactions from the first half of 2022. Not to mention, Kedah and Perlis have shown an increase of 6,401 and 579 transactions, respectively, within a year, and the contribution by these four states has offset the overall decline.
Although Pulau Pinang, WP Kuala Lumpur, Johor and Selangor, the four central states, have formed about 50% of the total national residential volume.
Source: Property Market Report First Half 2023-NAPIC