The National Property Information Centre (Napic) has unveiled the Annual Market Report 2020 on April 5, 2021.
The Malaysian property market recorded 295,968 transactions worth RM119.08 billion in 2020, dropping by 9.9% and 15.8% in volume and sale value respectively, compared to 2019.
The residential sub-sector remained the main driver of the property market activity, contributing close to 65% of the total volume. There were a total of 191,350 residential properties worth RM65.87 billion sold in 2020, with a declined volume and value of 8.6% and 9% respectively compared to 2019.
There were fewer new launches as developers focused on clearing inventories and postponed their launching plans. As a result, new units launched in 2020 totalled only 47,178, down by 40% compared to 2019.
Meanwhile, the number of overhang residential properties declined 3.6% to 29,565 units in 2020, but its value slightly increased by 0.5% to RM18.92 billion.
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