Malaysia’s property sales surpass RM100 billion in first half of 2024

Malaysia’s property sector saw over RM100 billion in sales in the first half of 2024, exceeding the government’s full-year target. Housing and Local Government Development Minister Nga Kor Ming announced that the National Property Information Centre (NAPIC) recorded RM100.5 billion in sales from January to June. If the trend continues, the government expects to reach RM200 billion by the end of the year.

Nga emphasized the importance of the property sector to the economy, noting its impact on more than 200 related industries such as construction, renovations, furniture, and banking. The thriving property market helps boost these sectors, supporting jobs and economic activity across Malaysia.

To ensure sustainable growth, the ministry is developing a big data system to track property needs across the country. This tool will help developers understand where housing projects are most needed and what types of homes and price ranges are in demand. The system aims to prevent the construction of unsellable or misaligned projects.

Additionally, the government is considering mandatory courses for new owners of public housing to educate them on responsibilities like paying maintenance fees. This aligns with the government’s rebranding of the People’s Housing Projects (PPR) to the People’s Residency Programme, which aims to improve public housing management.

Nga spoke at a press conference following a key handover ceremony for 20 homeowners at Ideal Residency in Penang. He praised Penang for its quality affordable housing and highlighted the state’s status as a leading exporter of electrical and electronic goods in the region.

Also present at the event were state housing committee chairman Datuk Seri S. Sundarajoo, PR1MA CEO Datuk Seri Mohd Nazri Md Shariff, Ideal Property Group chairman Tan Sri Alex Ooi Kee Liang, and Seri Delima assemblyman Connie Tan.