KUALA LUMPUR: Malaysia's residential subsector continued to contribute the largest share of property transactions in the first half of 2024 (1H2024), with more than a fifth of transactions happening in Selangor.
According to National Property Information Centre's (Napic) Property Market 1H2024 Report, the residential market activity saw a marginal increase of 6.1 per cent in volume with a total of 121,964 transactions worth RM49.43 billion, up 10.4 per cent from 1H2023.
The report said the residential subsector dominated the overall property market, with 61.3 per cent contribution in volume and 46.8 per cent in value.
It said the improvement was supported by higher market volume in all states except Negeri Sembilan, Kedah, Sarawak, Terengganu, and Perlis, which recorded a decline in market activity.
"Selangor contributed the highest volume and value to the national market share, capturing 22.3 per cent in volume (27,174 transactions) and 30.6 per cent in value (RM15.15 billion)."
"Johor ranked second highest with 15.3 per cent in volume (18,648 transactions) and 18.2 per cent in value (RM9.02 billion)," the report said.
The four major states, namely Kuala Lumpur, Johor, Selangor, and Pulau Pinang, formed about 50 per cent of the total national volume of transactions.
On the demand side, the total of loan applications and approvals for residential purchase in 1H2024 saw a slight increase of 1.6 per cent and 0.3 per cent respectively.
Loan applications worth RM225 million were made during the period while loan approvals stood at RM94 million during the period.