Malaysia’s property market remains soft in 2020, sees better outlook on affordable housing in 1H 2021According to the National Property Information Centre , the property market’s performance recorded a sharp decline in the first half of 2020.
For the 1H 2020, the property sector recorded 115,476 transactions worth RM46.94 billion, a decrease by 27.9 per cent in volume and 31.5 per cent in value compared with 1H 2019, which recorded 160,165 transactions worth RM68.53 billion. To encourage homeownership, the government has reintroduced the Home Ownership Campaign under Penjana, which will attract more first-time buyers into the market in the 2H 2020, said market players.
Backed by these efforts, the Real Estate and Housing Developers’ Association Malaysia is cautiously optimistic about the outlook for the property sector, and hopes for a better improvement in the 1H 2021, provided there is no new community transmissions of Covid-19 in the country. Prices ranging below RM300,000 in Q3 2020 made up 50.5 per cent , while the prices for the RM300,001-RM500,000 range 24.7 per cent , and those above the RM500,001 range comprised 24.8 per cent .