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Property market performance down 9.9% in 2020

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The Valuation and Property Services Department expects a cautious market performance in 2021. FMTNews Property

Transactions in the residential property market decreased by 8.6% in volume and 9% in value partly due to fewer new launches compared with 2019.

“The sluggish property market and cautious buyers’ sentiment contributed to the modest sales performance at 28.7%.” For the commercial sector, commercial property overhang in the serviced apartment segment increased and formed the bulk of property overhang for the year. Kuala Lumpur and Selangor recorded an occupancy rate of 82% and 80%, respectively, while Johor and Penang saw a lower occupancy rate of 74.9% and 72.8% respectively.

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