RM5.27 billion properties sold under HOC. Overhitting targeted RM3 billion.

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Malaysia’s property market may have stabilised. Based on the latest numbers reported in the Malay Mail, a total of 8,823 units with a sales figure of RM5.7 billion was sold as at end June under the Home Ownership Campaign 2019. Recovery may be on the cards. FIABCI Malaysia President Sr Michael Geh predicted that the total residential properties sold for the first half of this year could be similar to the same period last year, at 94,200 transactions with a value of RM31.06 billion. He said, “It is either that or about 5% less that last year with about 89,490 transactions at a value of RM30.08 billion.”

He lauded the efforts of both the Finance Ministry and the Housing and Local Government Ministry for working towards a more buoyant property market since the negative sentiment which has been prevailing since 2013. This has been apparent with the HOC being effective in clearing some of unsold units as it produced a good outcome and encouraged more to purchase their first homes under the programme but it could not drastically clear all of the overhang units. This is why the overhang numbers must be looked at individually instead of lumping it as one.

Within the first six months of 2018, the total transactions for residential units totalled 94,200 valued at RM31.66 billion. Out of these, the secondary market recorded 79,020 transactions valued at RM25.48 billion while the primary market recorded 15,180 transactions valued at RM6.18 billion. NAPIC figures also revealed that the first quarter of 2019 saw a total 52,212 units of residential properties sold with a total sales value of RM18.26 billion. Out of the 52,212 transactions, a large bulk of it are for properties priced below RM300,000 (62.2%) followed by properties priced between RM301,000 and RM500,00 (21.5%).

Perhaps this may be the turnaround which we are waiting for. What is certain is that there are many good bargains in a slow market and there will be lots of overvalued properties in a booming property market. First-timers should make the best of the tax exemptions as well as the generous discounts from developers under the HOC 2019. This has been extended till end of the year. Read here. Happy following.

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<Featured Image is courtesy of Stock Photos from lcatnews>

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