KUALA LUMPUR: The property market is recovering and seeing steady growth under the Madani government, said Housing and Local Government Development Minister Nga Kor Ming.
In his keynote address at the 2024 Rehda Institute Regional Housing Conference, Nga said under the Madani government, the country had seen 399,000 property transactions worth about RM200 billion, marking a growth of 2.5 per cent in the number of transactions and 9.9 per cent in value.
"Since the Madani government took over, our overhang properties dropped from 37,066 units to 24,000 units, which indicates a significant improvement of more than 40 per cent."
He said Malaysia is now an expatriate magnet, with the number of work permits issued by the Immigration Department to high-skilled expats increasing more than 50 per cent, from 110,819 in 2022 to 154,115 in 2023.
"Malaysia has now become a magnet to expatriates, with the increased number of working permits issued by immigration (department) to high skills expatriates.
"This is a strong indication that the influx of foreign direct investments have created more high-skilled job opportunities.
"In 2024, we expect a steady performance in our property market and it will help boost our gross domestic product.
"Many stocks in the property sectors have experienced good appreciation. Some property counters have seen an appreciation of more than 600 per cent in the last 12 months."
Finance Minister II Datuk Seri Amir Hamzah had said unsold or overhang residential properties declined to 26,000 units worth RM17.7 billion in 2023 compared with 28,000 units worth RM18.41 billion in 2022.