KAJANG, March 15 ― The Malaysian property market is expected to grow this year despite the projection of a moderately lower economic growth due to the unpredictable external environment, said Deputy Finance Minister II Steven Sim.
“The residential sub-sector led the overall property market activity, with 62.5 per cent contribution in volume,” he said in his address at the launch of 2022 property market report here, today. Meanwhile, the commercial property segment registered 32,809 transactions worth RM32.61 billion in 2022, a growth of 46.3 per cent in volume and 16.7.per cent in value compared to 2021.
Construction activity recorded an increase in housing starts which grew 13.4 per cent to 97,804 units while new planned supply increased by 14.9 per cent to 89,111 units compared to 2021.The Malaysian House Price Index stood at 208.4 points in 2022, with a low annual growth of 2.8 per cent.