KUALA LUMPUR: Perak has the most number of unsold properties followed by Johor and Kuala Lumpur, according to the National Property Information Centre's (Napic) Property Market 1H2024 Report.
The latest installation of the Napic report said, a total of 22,642 overhang units worth RM14.24 billion recorded in the first half of 2024 (1H2034).
The agency said the residential overhang situation improved after the volume and value reduced by 12.3 per cent and 19.5 per cent, respectively.
This is against 25,816 overhang units worth RM17.68 billion in 2H2023.
"Perak recorded the highest number of overhang units in the country with 4,161 units, accounting for 18.4 per cent of the national total.
"Followed by Johor (3,219 units), Kuala Lumpur (3,051 units), Pulau Pinang (2,400 units), and Selangor (2,328 units)," it said.
Napic added that in terms of value, Kuala Lumpur recorded the highest value with RM3.06 billion, followed by Johor (RM2.80 billion), Pulau Pinang (RM2.02 billion), and Selangor (RM1.85 billion).
Condominiums/apartments formed nearly 60 per cent or 13,535 units of the national total residential overhang, followed by terraced houses, which captured another 24.4 per cent or 5,524 units. Meanwhile, condominium/apartment units in major states, specifically in Johor Bahru, Pulau Pinang, and Kuala Lumpur dominated the overhang units, accounting for 18.9 per cent or 4,284 units of the national total.
"By price range, houses in the affordable price range of below RM300,000 contributed 30.2 per cent of the national total.
"On a better note, the numbers further declined to 6,840 units in 1H2024 versus 7,592 units in 2H2023," it said.
According to Napic, the price range between RM500,001 and RM1 million came in second, accounting for 29.6 per cent or 6,694 units.
Meanwhile, houses in the price range of RM300,001 to RM500,000 formed another 28.2 per cent or 6,389 units,followed by more than RM1 million, which contributedthe remaining 12 per cent or 2,719 units.
"Contrarily, the unsold under construction and not constructed units were less encouraging as the numbers increased by 13.3 per cent to 57,934 units (2H2023: 51,132 units) and 26.3 per cent to 10,010 units (2H2023: 7,926 units), respectively," Napic added.