KUALA LUMPUR, May 15 — Malaysian property transactions fell in the first quarter compared to last year, with construction activity also slowing down across the same period, Valuation and Property Services Department director-general Abdul Razak Yusak said today.
“The increased activity in the commercial and development land subsectors, which increased by 14.5 per cent and 2.8 per cent in volume and 22.1 per cent and 30.4 per cent in value respectively offset the overall decline,” he said. According to Napic’s data, Johor had the most new units launched at 2,077, accounting for approximately 45 per cent of the total nationwide. However, sales performance was moderate at 24.9 per cent.
He said that the residential and serviced apartment overhang status continued to be positive as the volume and value of residential overhang decreased by 3.2 per cent and 0.5 per cent respectively compared to the fourth quarter of 2022. He also said that the occupancy of private purpose-built offices and shopping complex has increased marginally.