SELANGOR (April 14): The residential property segment continued to drive the national property market, accounting for 64.4% and 50.4% of volume and value respectively, according to the Property Market Report 2014. The report was released by The Valuation and Property Services Department and the Ministry of Finance Malaysia today.
The property market recorded a total 384,060 transactions worth RM162.97 billion last year, recording a 0.8% increase in volume and 13.5% in value.
Transaction volume for residential, commercial and agricultural segments recorded growths of 0.4%, 3.6% and 2.0% respectively, while industrial and development land sub-sectors fell 3.8% and 1.9% respectively against 2013.
Transaction value for residential, industrial and development land segment recorded double digit growth of 13.9%, 17.7% and 13.5% respectively, while commercial and agricultural sub-sectors fell 10.5% and 4.3% respectively.
According to the report, the prime residential sub-sector saw a sustained market, moderate performance for new launches and improved overhang situation.
Residential units priced RM200,000 and below as well as RM200,000 to RM500,000 recorded 43.1% and 41.3% market share respectively, marking a declining volume trend of the former price bracket and an increasing volume trend in the latter bracket over a three year period. Meanwhile, residential priced RM500,000 to RM1 million and those over RM1 million have increased 23.2% and 16.2% respectively, from 20.1% and 20.6% in 2013.
Although many would have expected an increase in transaction volume for the residential segment before the implementation of the goods and services tax this year in anticipation of an increase in house prices, that was not the case, said deputy finance minister Datuk Chua Tee Yong at the launch, referring to the data.
He noted that transaction volume for 1Q2015 has shown a decrease of 4.6% y-o-y against 1Q2014, while a 6.2% decrease was recorded for 1Q2015 from 4Q2014. Meanwhile, transaction value for 1Q2015 was at RM38.5 billion compared with RM40 billion for 1Q2014 and RM38.6 billion for 4Q2014.
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