KUALA LUMPUR (Sept 9): Malaysia’s property transaction value soared to RM105.65 billion in the first half of 2024 (1H2024), marking a 23.8% year-on-year (y-o-y) increase - the highest in five years, according to the National Property Information Centre (Napic).

This compares to the RM85.37 billion recorded in the same period last year, Napic said in a statement in conjunction with its Property Market Report for the First Half of 2024 (1H2024) and International Real Estate Research Symposium 2024 (IRERS 2024). 

All property sub-sectors recorded growth, with the residential segment rising by 10.4%, commercial by 41.5%, industrial by 23.4%, agricultural by 37.8%, and development land by 59.3%.

In terms of transaction volume, a total of 198,806 properties were sold in 1H2024, representing an 8% increase from 184,140 units in 1H2023.

The Malaysian House Price Index (MHPI), which tracks home price trends, stood at 218.7 points, with an average price per unit of RM471,918 in 1H2024, reflecting a moderate annual growth of 0.9%.

“All states witnessed moderate positive growth, except for WP (Wilayah Persekutuan, or Federal Territory of) Kuala Lumpur, which charted a decline of 0.8%. By property type, semi-detached, terrace, and detached remained stable, with positive growth rates of 2.6%, 1.1%, and 0.5% respectively, while high-rise apartments showed a marginal decline,” Napic said.

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