PETALING JAYA: Residential launches and sales increased in the first half of 2024 (1H2024) with serviced residence being the most sold property type, according to the Malaysian Real Estate and Housing Developers Association (Rehda).
Rehda's Property Industry Survey for 1H2024 and Market Outlook for 2H2024 and 1H2025 reported that units launched units rose 7.0 per cent to 11,814 units in 1H2024 from 11,032 units in the second half of 2023 (2H2023).
The most-launched selling price was RM300,001 to RM700,000, according to Rehda, which collated responses from 162 out of over 1,500 Rehda members
Members' sales performance recorded marginal growth with 13,445 units sold versus 12,017 units in 2H2023. Of this, 65 per cent or 8,699 units were from total unsold units in 1H2024, and the remaining were from new launches in1H 2024.
The survey also found that the most sought-after types of properties were serviced residence and two to three-storey terrace homes.
A total of 4,311 units of serviced residence were sold in 1H2024, higher than 3,493 sold in 2H2023.
Meanwhile, two to three-storey terraced houses were the top two property type sold during the period as the number increased to 3,541 units in 1H2024 from 3,147 in 2H2023.
Rehda president Datuk Ir Ho Hon Sang said although the results of the study did not reflect all the projects launched or sales made during the period studied, the results indicated that the industry was stable despite facing various challenges.
"We hope that the upward trend will continue, and the recovery mode will remain smooth for industry players.
" Any increase in the housing stock will continue to assist in making housing more affordable for the people," he said at a media briefing on the survey here today.
Also present were Rehda deputy president of Datuk Zaini Yusoff and Rehda deputy secretary general Carrie Fong Kah Wai.
Ho said a total of 56 per cent of respondents does not plan to launch projects in 2H2024 while 49 per cent are neutral on the outlook while highly optimistic for the 1H2025.
The Rehda survey showed that 49 per cent of respondents reported having unsold residential units, with 24 per cent of those units involving serviced residences.
In terms of price range, 46 per cent of respondents reported that their unsold completed units cost RM500,000 and below.
Meanwhile, 74 per cent of respondents reported an increase in the cost of doing business in 1H2024.
The survey showed 69 per cent of respondents faced construction with high building material prices having a critical impact on business operations, while supply shortages and inconsistent supply were reported to have a moderate impact.
The labour challenges, such as high wages and shortage of supply, have a moderate impact on business operation.
Meanwhile, majority of respondents affected by the economic situation during the period had taken cost-cutting measures. This included freezing recruitment, offering less benefits or perks, and rescheduling planned project launches.