News about overhang

Nevertheless, he noted that increased demand and market shifts have led to an overall reduction in overhang units in 3Q2023, with a 22% decrease year-on-year from 3Q2022.

It also sees the unchanged overnight policy rate (OPR) as positive for property companies, supporting recovery in demand for properties and buying interest.

A total of 27,746 overhang units were recorded in 2022, declining by 24.

The majority of the total residential overhang units are those priced between RM500,000 and RM1 million at 31.

PETALING JAYA (Oct 21): Getting the government to buy over and convert unsold units into affordable housing is a good idea but such an exercise has to be properly implemented.

KUALA LUMPUR (Oct 13): The Government should consider purchasing and repurposing the unoccupied properties in matured areas and turn them into affordable housing to address two issues at one go, said the president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia (PEPS), Michael Kong (pictured).

The Covid-19 pandemic has given a push to the growth of e-commerce, with more and more conventional retailers shifting their presence online.

To many, the building of over-priced houses by “profit-seeking” developers has caused the aggravation of housing affordability in the country, thereby leading to a spike in the number of overhangs in the market.

It was recently reported that a vacancy tax on unsold properties may be imposed on property developers to reduce the overhang.

KUALA LUMPUR (Aug 19): The Housing and Local Government Ministry (KPKT) is formulating a tax that could be imposed on developers who fail to sell their properties as early as early next year, in an effort to reduce overhang of residential units in the country.