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Double-digit growth for Malaysian property market

KUALA LUMPUR: Malaysia's property market enjoyed double-digit growth in 2010, expanding 11.4% and 32.4% in volume and transaction value respectively.

The Finance Ministry's National Property Information Centre (Napic) said on Wednesday, Apr 20 that Kuala Lumpur, Selangor and Sarawak recorded the highest house prices while overall, the Malaysian All House Price Index rose 8.9 points to 140.7 in 2010.

"Houses priced below RM150,000 represented 57.1% of total residential transactions, with the bulk 17.3% formed by houses priced between RM100,000 to RM150,00," said the report.

Napic said for 2011, it expected the property market to benefit from the various economic initiatives undertaken by the government. Projects such as the Kuala Lumpur International Financial District (KLIFD), Mass Rapid Transit (MRT) in Greater KL, Warisan Merdeka, the development of the Malaysian Rubber Board land in Sungai Buloh and the redevelopment of Pudu prison is expected to have positive spillover effects.

"In the long term, the property sector should benefit from these projects. As new areas open up and communities materialise, these will likely push up demand for housing and other facilities."

"The implementation of infrastructure projects in these regions is expected to spur new growth areas and hence activate the local market," Napic said.

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