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JPPH: 139,754 transactions recorded in H1 2021 and this is 21% higher than H1 2020. Looks positive?

Press Release: Jabatan Penilaian Dan Perkhimatan Harta (JPPH) – Malaysia Property Market Report for the First Half Year 2021


1. According to JPPH, the property market performance recorded a significant increase in the first half of 2021 (H1  2021) as compared to the same period last year (H1 2020). 

2. A total of 139,754 transactions worth RM62.01 billion were recorded, showing an increase of  21.0% in volume and 32.1% in value compared to the same period last year. 

3. Volume of transactions across the sub-sectors showed upward movements. Residential,  commercial, industrial, agriculture and development land sub-sectors recorded year-on-year  growths of 22.2%, 28.5%, 29.4%, 13.9% and 21.3% respectively. 

4. Value of transactions moved in tandem with residential, commercial, industrial, agriculture and  development land sub-sectors recorded growths of 34.7%, 28.4%, 19.8%, 33.1% and 40.6%  respectively. 


5. There were 92,017 transactions worth RM34.51 billion recorded in the review period, increased  by 22.2% in volume and 34.7% in value year-on-year. Performance across the states improved in the review period. All states recorded higher market volume except for WP Putrajaya. The  four major states namely WP Kuala Lumpur, Selangor, Johor and Pulau Pinang formed about  50% of the total national residential volume. 

6. In the primary market, there were 16,660 units launched, down by 34.0% against 25,227 units  (revised) in H1 2020. Against H2 2020, the new launches were lower by 24.1% (H2 2020:  21,951 units). 

7. Sales performance for new launches recorded at 24.7%, better compared to H1 2020 (revised  12.9%) and H2 2020 (17.0%). The improvement in sales performance probably attributed to  various measures by the government such as incentives of the Home Ownership Campaign  (reintroduced from 1 June 2020 – 31 Dec 2021) and low OPR. 

8. Selangor recorded the highest number of new launches in the country, capturing nearly 24.7% (4,114 units) of the national total with sales performance at 26.2%. WP Kuala Lumpur recorded  the second highest number (3,651 units, 21.9% share) with sales performance at 3.5%. Johor  came third (2,187 units, 13.1% share) with sales performance at 49.8%. 

9. By property type, terraced houses dominated the new launches. Single storey (2,624 units)  and 2-3 storey (5,455 units) together contributed 48.5% of the total units, followed by  condominium/apartment units at 41.4% share (6,893 units). 

10. The residential overhang exhibited a moderated growth. A total of 31,112 overhang units worth  RM20.09 billion was recorded, showing an increase of 5.2% and 6.2% in volume and value  respectively against the preceding half. 

11. Construction activity recorded an increase in completion, starts and new planned supply, each  up by 8.7%, 35.3% and 36.0% respectively compared to the same period last year.

12. The Malaysian House Price Index (MHPI) from JPPH saw an unprecedented negative growth in Q2 2021P,  after a series of slow price growth since 2018. MHPI stood at 197.9 points, down by 1.2% year on-year. Quarterly movements saw a decline of 1.6%. 


13. There were 10,433 transactions worth RM10.93 billion recorded, up by 28.5% in volume and  28.4% in value compared to the same period last year. All states recorded more market activity  in the review period except for WP Putrajaya and Pahang. Selangor contributed the highest  volume and value to the national market share, with 26.3% in volume (2,741 transactions) and  30.8% in value (RM3.37 billion); followed by WP Kuala Lumpur with 13.0% in volume (1,359  transactions) and 28.2% in value (RM3.08 billion) and Johor with 13.5% in volume (1,410  transactions) and 11.6% in value (RM1.27 billion). 

14. Serviced apartment sub-sector recorded 1,912 transactions worth RM1.21 billion, formed  18.3% of the commercial property transactions volume and 11.0% of the value. Market  performance recorded an increase of 33.4% in volume and 23.7% in value compared to similar  period last year.  

15. Serviced apartment sub-sector recorded 24,064 overhang units with a value of RM20.41 billion,  indicating a marginal increase of 1.9% in volume, but value declined by 10.2% compared to  the preceding half. Meanwhile, the unsold under construction recorded 42,358 units, increased  by 20.1% according to JPPH.

16. The construction activities saw a mixed trend with completions decreased by 8.3% to 4,030  units, starts increased by 89.6% to 21,278 units and new planned supply up by 33.7% to 7,339  units against similar half last year. 

17. The performance of shopping complex moderated in H1 2021, with the national occupancy  rate saw a slight decline of 76.6% as compared to H1 2020 (78.6%). WPKL and Selangor recorded 81.6% and 78.8% occupancy rate respectively, whereas Johor and Pulau Pinang  managed to secure an average occupancy of 73.4% and 72.2% respectively. 

18. The sole completion recorded in H1 2021 was contributed by the extension of Setia City Mall,  Shah Alam (21,363 s.m.), bringing the total space for shopping complex nationwide to 16.93  million square metres. There were another 47 complexes (1.94 million s.m.) in the incoming  supply and with another 10 complexes (0.34 million s.m.) in the planned supply.  

19. The overall performance of purpose-built office decreased to 78.5%, slightly lower than H1  2020 (80.6%). The occupancy rate for private office buildings declined further to 71.7%, down  from 74.3% recorded in H1 2020. Pulau Pinang secured a higher occupancy rate at 85.3%  while Kuala Lumpur, Selangor and Johor recorded lower than the national level at 73.8%,  68.4%, and 72.75%, respectively. 

20. Eight new purpose-built offices with office spaces totalling 505,842 square metres were  completed in the review period, extending the existing market supply to 23.84 million square  metres from 2,581 buildings. WP Kuala Lumpur was the lead contributor for office space with  a share of 40.7% (9.70 million s.m.) in the existing market, 54.0% (1.09 million s.m.) in incoming  supply and 52.9% (0.17 million s.m.) in planned supply. 


21. The acceleration of the National COVID-19 Immunisation Programme and the National  Recovery Plan threshold across the states will see the reopening of more economic and social  sectors in the fourth quarter of 2021. Supported by the implementation of various government  initiatives and assistance, the property market is expected to be on the recovery path in line  with the gradual economic recovery. 

— End of Press Release from JPPH–

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.


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