As of late 2024, Malaysia recorded a total of 23,149 completed residential units worth RM13.94 billion that remain unsold, according to the 2024 National Property Market Report released recently.
A significant portion of these units—over 60%—comprise condominiums and apartments, while 13.8% are double-storey terrace houses. In terms of pricing, the highest number of unsold homes fall within the RM200,000 to RM300,000 range (5,374 units), followed by those priced between RM300,000 and RM400,000 (3,863 units), and RM500,000 to RM600,000 (2,902 units). In contrast, only 789 homes priced below RM100,000 remain unsold.
Penang ranks fourth among all states, with 2,796 unsold residential units. Kuala Lumpur tops the list with 4,234 units, followed by Johor (2,964) and Perak (2,844). Other affected states include Selangor (2,075), Negeri Sembilan (1,623), Sabah (1,524), and Sarawak (1,512).
Former Valuation and Property Services Department director-general Professor Mohd Khairudin Abd Halim stressed that the issue of unsold homes must be addressed through housing policy reforms. He believes this situation could benefit the younger generation if proper support is in place. “They should be encouraged to buy homes early, as property is a lasting asset unlike many others that depreciate,” he said.
Prime Minister Datuk Seri Anwar Ibrahim also urged for a more people-centric approach in housing development. He directed the Housing and Local Government Ministry to provide monthly updates on major developments, with a strong emphasis on affordable housing, efficient project approvals, and local government accountability.
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